The Corporate Affairs Commission (CAC) has updated its database to reflect the renaming of OVH Energy Marketing Limited as NNPC Retail Limited. This change follows a special resolution passed by the company’s board on June 11, 2024.
In a recent development, the CAC had dissolved the downstream arm of the Nigerian National Petroleum Company Limited (NNPC Retail) and transferred its ownership to OVH Energy Marketing Limited. However, the CAC has now renamed OVH Energy Marketing Limited as NNPC Retail Limited, effective September 2, 2024.
This move comes after a court ruling in June, which effectively dissolved NNPC Retail and transferred its assets and liabilities to OVH Energy Marketing Limited. The court also mandated the transfer of all tax attributes, unutilized capital allowances, tax losses, withholding tax credits, and other refunds to OVH Energy Marketing Limited.
The acquisition of OVH Energy Marketing Limited by NNPC Ltd has been surrounded by controversy, with some critics questioning the ownership structure and managerial control of the resulting entity. The House of Representatives had launched an investigation into the acquisition but dissolved the committee in February after presenting a report that many lawmakers described as “suspicious and shabby.” A fresh investigation has been launched by the House Committee on Petroleum Resources (Downstream).
