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He also asked the court to order the FCCPC to publish its findings in at least two national newspapers and submit the report to the court.Mr Steve argued that the merger between NNPC Retail Limited, Nueoil Energy Limited, and OVH Energy Marketing Limited was executed per incuriam—in violation of the law.
He argued that it is against national interest for the newly formed company to bear the name OVH Energy Marketing Ltd, a name he said has no apparent connection to the Nigerian state. The petitioners further asked that all tax attributes, unutilised capital allowances, tax losses, withholding tax credits and other refunds available, but excluding the Nueoil Energy shares in the OVH Energy Marketing Limited, liabilities and business undertakings, including real property and intellectual property rights of the NNPC Retail and Nueoil Energy Limited be transferred to the OVH Energy Marketing Limited subject to the terms and conditions set out in the scheme without any further...
The NNPC explained that Oando began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In addition, the report highlighted how Huub Stokman, an expatriate and former Chief Executive Officer of OVH Energy, emerged as the new Managing Director of NNPC Retail, a development that further compounded the structure of NNPC Retail.
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