Claim:
A post in People’s Gazette goes with the Headline “NNPCL transfers ownership of all petrol stations to Tinubu’s nephew”.
In the body of the post, it claims that the Nigerian National Petroleum Company Limited (NNPCL) has transferred all its retained assets to OVH Energy Marketing Limited, the operator of Oando Petroleum, which is allegedly owned by President Bola Tinubu’s nephew, Wale Tinubu.
Furthermore, the post suggests that all NNPCL petrol stations, previously owned and managed by the federal government, have now been transferred to President Tinubu’s nephew.
Due to the magnitude of this claim, Haltfake.org decided to verify whether the ownership of all NNPCL petrol stations has indeed been transferred to President Tinubu’s nephew.
Verification
Who is Wale Tinubu?
According to Wale Tinubu’s Wikipedia page , he is a Nigerian business executive and lawyer, and the Group Chief Executive of Oando PLC, the article also confirmed that Wale Tinubu is indeed a nephew of President Tinubu.
What is the relationship between NNPCL, OANDO and WALE TINUBU?
Wale Tinubu is the Group Chief Executive of Oando PLC,
The Nigerian National Petroleum company Limited (NNPCL) ) is a state-owned oil company with operations spanning the entire energy value chain. On October 1, 2022, NNPC Limited acquired OVH Energy Marketing (OVHEM), the operator of Oando’s downstream assets.
What Are The Facts
On July 4 2016, Oando PLC completed a recapitalisation and partial divestment of equity stake in its downstream operations to a consortium of Helios and Vitol. This recapitalisation resulted in the formation of a new company to hold interests in Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited, and Oando Trippmart Limited.
The new company was renamed OVH Energy to reflect its ownership structure and the commitment of its new shareholders.
On October 1, 2022, NNPC Limited acquired OVH Energy Marketing (OVHEM). It is important to note that this acquisition was conducted by NNPC, not the other way round.
So, this raises questions about how and why would NNPC transfer its assets to OVH?
Also, the post being fact-checked further suggests that a court in Lagos granted an order for NNPC to transfer its assets.
Screen Shot from the post
Fact-Check: A search through Google reveals that no credible media outlets have reported any such court order.
It is highly unlikely that a news story of this magnitude would not be covered by reputable media organisations.
The verified facebook handle of ASO VILLA, released a statement clarifying the facts about NNPC’s acquisition of OVH Energy Marketing.
Based on these findings, the verdict of this claim is FALSE.
