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“We Will Make Money For Nigerians” – NNPC Buys Oando Filling Stations, Others

Published

2 years ago

October 2, 2022

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy Group Chief Executive Officer NNPC Limited, Mele Kyari, disclosed this while unveiling one of the new NNPC Ltd stations, formerly Oando in Abuja.

Leadership reports that Kyari said the acquisition of Oando will strengthen its operations in the downstream business portfolio, enhancing profitability and guaranteeing National Energy Security.

Explaining in detail some of the acquisitions, Kyari lauded President Muhammadu Buhari, the Minister of Petroleum, for laying the foundation for improving energy access.

He said:

“NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000 metric tons monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses,” he said.

“The acquisition is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger, we are also likely going to be the largest downstream company in Africa.” “With the new assets we are poised to becoming the largest petroleum products Retail network on the African continent.

He also assured the 200 million shareholders and Nigerians that the firm will prudently manage the business, noting, “We will make money for NNPC because this is a very profitable business.

Edujandon.com reported that President Muhammdu Buhari on Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company.

NNPC’s operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20. NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.