DOWNSTREAM: NNPCL acquires OVH Energy, now largest filling station owner in Nigeria

– By Godswill Odiong

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By Eyo Nsima

Nigerian National Petroleum Company Limited, NNPCL, has acquired the assets of OVH Energy Limited, thus becoming the largest downstream investor in Nigeria.

Speaking at the unveiling of the new outlets in Abuja, Nigeria’s capital, the Chairman of NNPCL, Senator Margery Okadigbo said the company has moved closer to its target of having 1,500 retail outlets in the country.

She said: “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 stated.

Similarly, the Group Managing Director of NNPCL, Mele Kyari said the company’s target is to become the largest downstream operator in Africa, noting the acquisition of OVH Energy moves the company closer to that goal.

He said: “We have worked with them, yes they are our partners and they are also our customers. So we know them and we know their capabilities. And ultimately we knew that this company works.

“It has a system, it has processes, it has a network and it has potentials to make us achieve our aspiration to be the global company of choice, which will be delivering energy reliably to shareholders.

“And that is why this is not an acquisition of assets. It is absolutely not about assets. It’s about people. Who are building new relationships? We’re building a new family, we’re enlarging a big family, a big family that we know that ultimately, as of today, at this moment, we’re the largest downstream company in the country.

“We also know that by this partnership, by this acquisition, by this merger, that’s what we want to call it. We’re also very likely to be the largest downstream company in Africa.

“And therefore, this is a vehicle for ensuring that we deliver on the energy transition goal of our country and of our company, who will use this vehicle to deliver LPG into the market CNG into the market, and also the very poor members of our communities, who are now relying on biomass to cook”.

Also, the CEO of OVH Energy, Mr. Huub Stockman said, a huge potential exists in the downstream sector which the acquisition would fill.

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