seunmsg:


N for what? Was NNPC in the picture when Vitol and Helios bought Oando retail?

now it's sold it should have N if NNPC owns majority stake

Babangidapikin:

now it's sold it should have N if NNPC owns majority stake

Please follow the event timeline.

1. Oando plc owns Oando retail.
2. Oando plc sold a certain percentage of Oando retail to Vitol and Helios. They then changed the name to OVH retail.
3. Due to undisclosed liabilities (something like that), Vitol and Helios bought over Oando plc’s remaining shares in OVH retail and assumed full ownership.
4. Vitol and Helios then decided to keep the OVH name despite the fact that Oando plc is no longer a shareholder in the company.
5. NNPC bought OVH from Vitol and Helios during the Buhari administration. NNPC now owns OVH fully.
6. NNPC also owns NNPC retail. So, they decided to merge both OVH retail and NNPC retail.
7. To do 6, they went to court to transfer all the shares of NNPC retail to OVH retail.
8. Finally, the now bigger OVH retail still belongs to NNPC as a subsidiary.

Babangidapikin:

They shared name O for Oando V for Vitol H for Helios why is N missing ..

Kindly go through this thread for better understanding.

https://www.nairaland.com/8193055/ovh-acquisition-facts-nnpc-ltd#131644507

seunmsg:


Please follow the event timeline.

1. Oando plc owns Oando retail.
2. Oando plc sold a certain percentage of Oando retail to Vitol and Helios. They then changed the name to OVH retail.
3. Due to undisclosed liabilities (something like that), Vitol and Helios bought over Oando plc’s remaining shares in OVH retail and assumed full ownership.
4. Vitol and Helios then decided to keep the OVH name despite the fact that Oando plc is no longer a shareholder in the company.
5. NNPC bought OVH from Vitol and Helios during the Buhari administration. NNPC now owns OVH fully.
6. NNPC also owns NNPC retail. So, they decided to merge both OVH retail and NNPC retail.
7. To do 6, they went to court to transfer all the shares of NNPC retail to OVH retail.
8. Finally, the now bigger OVH retail still belongs to NNPC as a subsidiary.

Not true. Nueoil is involved. Meanwhile out of the 300 claimed OANDO stations it was discovered OANDO only owned 97 of them... I can go on and on.

seunmsg:


https://www.nairaland.com/8193055/ovh-acquisition-facts-nnpc-ltd#131644507

I'm tired of reading about the opaque organisation. It must be disbanded

BigIyanga:

Oando, OVH and co are owned by Wale Tinubu (for Tinubu family), Gabriele Volpi owner of Intels, and co. Their parent holding cos are Withmore Ltd owned by Wale.. and Ansbury Inv Ltd owned by Volpi.. Both cos are SPVs registered in British Virgin Island.

This discourse is above your beer parlour chatroom.. go play under the bridge with ur friends.

Oga Bigiyanga, read and learn. This subject is beyond your comprehension level but to further school you in corporate mergers and acquisitions, provided below is further explanation with the hope that you can read, comprehend and apply your common sense (sense is no longer common to your people).

The attention of NNPC Ltd. has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.

In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President".

He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Mr. Wale Tinubu held 49% stake.

He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

NNPC Ltd. wishes to set the records straight with the following facts:

1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.

2. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.

3. At the time NNPC Ltd. acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests, respectively.

4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.

5. The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.

6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.

7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.

8. The management of NNPC Ltd., under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.

9. NNPC Ltd. as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd. shall resist any attempt to draw its Board and Management into partisan politics.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

22 August, 2024

https://www.facebook.com/share/p/imE5h5ohhLgX8Znc/?mibextid=oFDknk

onegig:


Analog, sensationalist and archaic journalism would be the end of Nigeria.

Ovh Energy which is a Dutch company owned Ovh Marketing a subsidiary. They sold Ovh marketing to a Nigerian firm name NuelOil or something can't recall the correct name and exited the Nigerian market. NNPC bought the company.

https://www.nnpcgroup.com/insights/insights-nnpc-acquires-ovh


Now the Parent arm that previously sold OVH marketing which is Vitol has now purchased the whole NNPC Retail arm thus reentering the Nigerian market.

https://en.m.wikipedia.org/wiki/Vitol


https://www.globalprivatecapital.org/newsroom/helios-investment-partners-completes-an-investment-in-ovh-energy-sub-saharan-africa/



So it is just a confusion of names, something all these tabliods should correct but how would they make money if they don't rile up the populace with half truths and slander. Trust Nigerians they would just jump to conclusions without understanding the context of the deals. I blame the government also, their comms team is abysmal. You should be able to exolain these things in a basic 1 page slide.

Thanks so much for the detailed explanation. Our journalists need to do better really.