It requested acquisition approvals and clearance by the Federal Competition and Consumer Protection Commission, Federal Inland Revenue Service and other regulatory provisions; evidence of Due Diligence carried out prior to the acquisition, Organizational Structure of OVH and NRL pre-acquisition and current; Curriculum Vitae of top management of NRL, placement rationale and any other relevant document pertaining to the acquisition transaction.
The assets acquired from the company, which operates Oando filling stations, also include a reception jetty with 240,000 metric tonnes monthly capacity and eight liquefied petroleum gas plants, three lube blending plants, three aviation depots, and 12 warehouses.and the complicated ownership structure that left managerial control of NNPC Retail in the hands of OVH Energy Marketing.
PREMIUM TIMES also found that the acquisition of OVH Energy had turned NNPC Retail into a toxic workspace, with officials of the former taking over the latter’s running. Moving the motion, Ms Onuoha highlighted some of the findings of the report by PREMIUM TIMES, particularly the issues around ownership structure.
Following the presentation of her motion, the House resolved to set up an ‘Ad-hoc Committee’ to investigate the allegations raised in the motion. “You are also to halt the promotion and integration of OVH and NNPC Retail Limited staff and other operations, pending the outcome of the investigation,” the letter reads.