Major Oil Marketers Association of Nigeria (MOMAN) has applauded to NNPC Retail Limited and OVH Energy Marketing Limited on the successful acquisition of OVH EnergyMarketing Limited by NNPC Limited.
In a statement on Sunday made available to daily champion in Lagos Olumide Adeosun ,Chairman, Major Oil Marketers Association of Nigeria (MOMAN) said that the successful acquisition is a good one for the industry and the nation.
He said ‘’Both companies are active MOMAN members who are committed to our core values of health, safety, the protection of the environment, quality, customer service, innovation, technology and compliance with international corporate governance codes.
‘’MOMAN welcomes and encourages the ongoing market consolidation which will bring stability, cost and logistics optimisation, enhanced competition and best practice sharing as we progress to a deregulated market.’
It would be recalled that The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy.
The Group Chief Executive Officer NNPC Limited, Mallam Mele Kyari, said: “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa.”
Kyari also noted that the acquisition was to strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security.
“NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000 metric tons monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses,” he said.
He commended the board for the acquisition just as he lauded President Muhammadu Buhari who is also the Minister of Petroleum for laying the foundation for improving energy access.
“It is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger, we are also likely going to be the largest downstream company in Africa.”