Reps flag off probe of NNPCL-OVH acquisition, refinery upgrade

The House of Representatives Committee on Petroleum Resources (Downstream) on Friday flagged off investigation into the Nigerian National Petroleum Corporation Limited (NNPCL) acquisition of OVH Energy Marketing’s downstream assets and refinery upgrade.

 

Chairman, House Committee on Petroleum (Downstream), Hon. Chairman Ikenga Imo Ugochinyere while giving update on the resolution reached by members after the special committee meeting, disclosed that the investigation is distinct from the previous inquiry carried out by the former Committee.

 

He observed that although the Committee submitted its report to the House at plenary, the House rejected it on the grounds that some critical facts were not reflected. 

 

Hin. Ugochinyere however assured that the Committee will provide the platform for other interested stakeholders and Nigerians to make inputs before the Committee presents its recommendations on the floor of the house.

 

He said those with information and submissions should submit it to the Clerk of the House Committee on Petroleum (Downstream) for further legislative action.

 

He explained that one of the major causes of delay was the failure of certain stakeholders to submit vital documents, but the Committee has 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—will be identified, and appropriate recommendations will be made in the best interest of the nation.

 

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Hon. 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.”