In a recent development, the Nigeria National Petroleum Company (NNPC) Ltd has firmly refuted rumors suggesting its intention to move its headquarters from Abuja to Lagos State. The clarification came directly from the Group Chief Executive Officer, Mr. Mele Kyari, who emphatically denied these speculations during his appearance before an ad hoc committee of the House of Representatives. The committee had convened to conduct an investigative hearing concerning allegations of corrupt practices related to the acquisition of OVH Energy by NNPC Limited.Thank you for reading this post, don't forget to subscribe!
Mr. Kyari offered assurance that the acquisition of OVH Energy had been executed in full compliance with established procedures and regulations. This strategic move has notably granted NNPC an impressive 30 percent control of the downstream sector. Moreover, the company has reaped substantial benefits, recording a profit of N18.4 billion in the first quarter of 2023 alone.
It is worth noting that Mr. Kyari emphasized that due diligence and adherence to due process were at the forefront of the OVH Energy acquisition. These statements aim to dispel any doubts and concerns surrounding the transaction and NNPC’s operational intentions.