…To re-investigate NNPC’s acquisition of OVH Energy
By Adesina Wahab
The House of Representatives Committee on Petroleum Resources (Downstream) on Friday vowed to end the face-off between Dangote Refinery and the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, saying it could cause instability in the sector.
Briefing newsmen in Lagos at the end of their three-day retreat, the Chairman of the Committee, Hon. Ikenga Ugochinyere, noted that his committee would maintain a balance between the feuding parties.
“We have received submissions from various groups regarding the matter between Dangote Refinery, NUPENG and others. We need to balance labour issues with national economic interests, so that investors will not lose faith in the system. The issue has to be well handled because we should avoid creating instability in the sector,” he said.
Also, Ugochinyere said the committee has officially commenced the re-investigation into the NNPC Ltd. acquisition of OVH Energy Marketing’s downstream assets and refinery upgrade, which followed a direct order from the House for the reinvestigation of the matter after the first report was turned down.
He said the investigation is distinct from the previous inquiry carried out by the former committee
He recalled that although that committee submitted its report, the House rejected it on the grounds that some critical facts were not reflected.
He stated that as they have commenced the investigation and the general public are invited to make their input before the lawmakers present their recommendations on the floor of the House. He said those with information and submissions should submit them to the clerk of the downstream committee
He explained that one of the major causes of delay was the failure of certain stakeholders to submit vital documents, but the committee resolved to move forward with or without those submissions and complete the assignment as mandated by the House.
The lawmaker assured that any individuals found to have acted improperly—either through direct wrongdoing or failure in oversight—would be identified, and appropriate recommendations would be made in the best interest of the nation.
Ugochinyere said, “the investigation is distinct from the previous inquiry carried out. The House, therefore, mandated the Downstream Committee to undertake a fresh investigation—with a clear directive to uncover what truly transpired in the OVH acquisition process.
“This includes examining the funds paid, details of the acquisition agreement, the assets involved, and the circumstances in which former OVH managers were reported to have formed a new company that later acquired OVH itself. Shockingly, those same individuals are also alleged to have assumed leadership roles within NNPC Retail, raising serious concerns about the integrity and transparency of the entire transaction.
“The committee has now begun this re-investigation in earnest and held a special committee meeting to deliberate on the matter. One of the key resolutions at that meeting was the timely completion of the investigation, which has been long overdue. Pressure from retail staff, industry stakeholders, and members of the public has mounted, questioning the delay and demanding accountability.
“One of the major causes of delay was the failure of certain stakeholders to submit vital documents. However, the committee has now resolved to move forward with or without those submissions and complete the assignment as mandated by the House. As part of the parliamentary process, the investigation must be concluded and a detailed report submitted to the House for action.
“This investigation is critical—not just to address the numerous unanswered questions and alleged irregularities surrounding the OVH acquisition—but also to allow the new leadership at NNPC Retail to focus fully on their ongoing reforms without distraction. Laying these matters to rest is essential for restoring public trust and ensuring that the reforms are not undermined by past controversies.
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