N’assembly to investigate alleged corruption in NNPC, acquisition of OVH Energy

The national assembly has invited stakeholders to partake in a forensic investigation into the “irregularities and alleged corruption” in the Nigerian National Petroleum Company (NNPC) Retail Limited and the acquisition of OVH Energy Marketing Ltd.

In recent newspaper publications by both chambers, the lawmakers listed the potential focus areas of the investigation, calling on the public to participate in the probe.

The NNPC Limited had announced the acquisition of OVH Energy, owner and operator of the Oando branded retail service stations, on October 1, 2022.

Following the deal, OVH Energy was expected to merge with NNPC Retail Limited (NRL) — adding more than “380 filling stations” controlled to the national oil firm’s portfolio.

However, the deal was enmeshed in allegations connected to the number of filling stations NNPC took over from OVH, and the ownership and working structure of NNPC Retail after the acquisition.

Speaking on plans for the probe in a publication on August 2, the house of representatives joint committee on petroleum resources (midstream and downstream) requested the submission of details of the OVH acquisition transaction, evidence (receipts) of all payments made in respect of the acquisition, copies of valuation document and report used in the acquisition, documentary evidence showing how much was paid, and details of the operational licenses issued so far.

Other areas include reasons for NNPC’s inability to conclude the OVH acquisition transaction, and all OVH acquisition documents.

The committee also invited stakeholders to participate in uncovering the resurgence of fuel queues in petrol stations, unavailability of fuel stock for downstream domestic refineries, disruption of distribution of petrol products, unfair subsidisation of petrol and other petroleum products racketeering and favouritism “in the pro forma invoice system (PFI) regime”.

The lawmakers also intend to investigate the failure of regulators like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce compliance and standards, the sustainability of the ongoing endless turnaround maintenance of refineries.

In addition, they would probe the allegation of the introduction of monopoly in petroleum products production, and sharp practices at depots and non-availability of petroleum products after payment.

SENATE INVITES HEADS OF MDAs, DANGOTE GROUP

The senate ad-hoc committee on alleged economic sabotage in the Nigerian petroleum industry also invited heads of ministries, departments, and agencies (MDAs) and stakeholders to attend an interactive session on August 7.

The invited entities include the minister of state for petroleum resources (oil), the ministry of trade, the NNPC, the Central Bank of Nigeria (CBN), the Standards Organisation of Nigeria (SON), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the NUPRC.

The committee also invited the NMDPRA, the Nigerian Ports Authority (NPA), the Nigeria Custom Service, the Nigerian navy, the Oil Producers Trade Section (OPTS), the Independent Petroleum Producers Group (IPPG), the Dangote Group, the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Major Oil Marketers Association of Nigeria (MOMAN), OBAT Oil, Matrix Energy, and all modular refineries.