Mele Kyari, the group chief executive officer of the Nigerian National Petroleum Company Limited, said the acquisition of OVH Energy raised the firm’s profit to N18.4 billion in the first quarter of 2023.while addressing the house of representatives ad hoc committee on the OVH acquisition, according toHe said NNPC Retail was able to improve its profit and grow its market share since the acquisition in 2022.
Prior to the hearing, In July, the lower chamber had ordered the NNPC to suspend the deal to enable the lawmakers to investigate irregularities and alleged corruption in NNPC Retail Limited and the acquisition of OVH Energy Marketing.Some of the allegations are connected to the number of filling stations NNPC took over from OVH, and the ownership and working structure of NNPC Retail after the acquisition.