The House of Representatives Committee on Petroleum Resources (Downstream) has resumed its investigation into the Nigerian National Petroleum Company Limited’s (NNPCL) acquisition of OVH Energy Marketing’s downstream assets and refinery upgrade, following the rejection of the initial report by the House.
Committee Chairman, Mr. Ikenga Imo Ugochinyere, announced on Friday that the reinvestigation was prompted by the absence of “critical facts” in the original report.
Speaking in Abuja, the Imo-born lawmaker urged stakeholders and the public to provide relevant submissions to ensure a thorough probe.
Ugochinyere vowed that anyone found culpable—whether through direct misconduct or oversight failures—would face appropriate recommendations in the nation’s interest.
The investigation will scrutinize the funds paid, the acquisition agreement, the assets involved, and allegations that former OVH managers formed a new company that later acquired OVH.
Expressing concern, Ugochinyere noted that some individuals implicated in the transaction now hold leadership roles in NNPC Retail, raising questions about the deal’s integrity and transparency.
“We are committed to uncovering the truth and ensuring accountability,” he stated.
The committee has already convened a special meeting to deliberate on the matter and has begun the reinvestigation in earnest, aiming to deliver a comprehensive report that addresses all concerns.
He added: “One of the key resolutions at that meeting was the timely completion of the investigation, which has been long overdue. Pressure from retail staff, industry stakeholders, and members of the public has mounted, questioning the delay and demanding accountability.
“One of the major causes of delay was the failure of certain stakeholders to submit vital documents. However, the committee has now resolved to move forward with or without those submissions and complete the assignment as mandated by the House. As part of the parliamentary process, the investigation must be concluded and a detailed report submitted to the House for action.
“This investigation is critical—not just to address the numerous unanswered questions and alleged irregularities surrounding the OVH acquisition—but also to allow the new leadership at NNPC Retail to focus fully on their ongoing reforms without distraction. Laying these matters to rest is essential for restoring public trust and ensuring that the reforms are not undermined by past controversies.”
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