The Nigerian National Petroleum Company Ltd (NNPC), has acquired the downstream assets of OVH-Oando, effectively making it the biggest downstream company in Africa.
The acquisition was announced on Saturday in Abuja during the unveiling and rebranding of one of the retail stations of Oando to NNPC.
Speaking during the event, chairman of the NNPC Ltd Board, Mrs Margary Okadigbo, said the acquisition was strengthen the business portfolio of the NNPC to enhance profitability.
“In order to strengthen our downstream business portfolio to enhance profitability and guarantee National Energy Security, NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000MT monthly capacity, eight LPG Plants, three Lubes blending plants, three Aviation Depots, and 12 warehouses.
“The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa,” she said.
The rebranding was also attended by the Group Chief Executive Officer of the NNPC, Mele Kyari, the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed and the Executive Vice Chairman, Federal Competition and Consumer Protection Commission, Babatunde Irukera among others.
OVH Energy is the company behind the Oando retail brand in Nigeria. It is an indigenous marketer of choice providing trusted petroleum products and services.
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