The House of Representatives Committee on Petroleum Resources (Downstream) has resumed a new investigation into the Nigerian National Petroleum Company Limited’s (NNPCL) acquisition of OVH Energy Marketing’s downstream assets and refinery upgrade. The committee follows a directive from the House after lawmakers rejected the initial report on the transaction.
Speaking after a special committee meeting in Lagos on Friday, the committee’s Chairman, Hon. Ikenga Ugochinyere, revealed that the earlier investigation failed to deliver key facts, prompting the House to mandate a more thorough review.
According to him, the latest probe is different from the earlier exercise, and Nigerians and industry stakeholders can also submit information and relevant documents to the committee clerk for consideration before the panel presents its recommendations to the House.
“The House mandated a fresh investigation with a clear directive to uncover what truly transpired in the OVH acquisition.
This includes examining the funds paid, the acquisition agreement, the assets involved, and allegations that former OVH managers formed a new company that later acquired OVH and took leadership roles within NNPC Retail. These issues raise serious concerns about the integrity and transparency of the transaction,” he said.
Ikenga further noted that delays in the investigation were partly due to the failure of some stakeholders to provide key documents.
He concluded by assuring members of the public that the committee will identify anyone found culpable, whether via direct misconduct or lapses in oversight.
“This investigation is critical not only to address alleged irregularities but also to ensure public trust in the company’s restructuring efforts,” he added.
