NNPC Ltd has addressed allegations from former Vice President Atiku Abubakar regarding the acquisition and management of its downstream arm, NNPC Retail Ltd. Following a court ruling, NNPC Retail has been dissolved and its assets transferred to OVH Energy Marketing Limited, which NNPC Ltd acquired. Clarity was provided that prior to this, Oando, in which Wale Tinubu had an equity interest, had divested from OVH to Vitol and Helios by 2019. The corporate decision to merge NNPC Retail into OVH and retain the name NNPC Retail post-merger was based on professional advice and commercial considerations. NNPC Ltd stressed its focus on commercial viability and national interest in its investment decisions.
Oil & Gas, Energy,Nigeria
https://mergersacquisitions.einnews.com/article/737624957/37-RWpV5etPW-rjA?ref=rss&ecode=Q1vNcweEggLWKz7L