NNPC buys OVH Energy's fuel retail business in Nigeria
The state-owned company has acquired a total of 380 service stations of the Oando brand from the aviation and gas firm.
The Nigerian National Petroleum Corporation (NNPC) has acquired the entirety of OVH Energy’s fuel retail business. The transaction involves access to 380 service stations of the Oando brand as well as other assets. The sites will be rebranded and fully integrated to the state-owned company by the end of 2023.
Assets included in the deal involve access to eight liquefied petroleum gas plants, three aviation depots and 12 warehouses, previously owned by OVH. According to a recent report by the Reuters news agency, NNPC became a commercial entity back in July and currently owns over 500 forecourts across the country.
“We will be the largest petroleum product retail network in Africa. We are going to have the biggest filling station collection in Africa. OVH has given us so much to look after the investment we have you on the package to continue to work with us,” said Senator Margery Okadigbo, NNPC Ltd Board Chairman.
The company aims to become the largest fuel retailer in Africa, with a footprint that currently extends throughout Nigeria and Togo. NNPC’s main goal is to own a total of 1,500 stations to expand its network across the continent.
