Stephen Ukandu, Umuahia
The House of Representatives Committee on Petroleum Resources (Downstream) has re-opened its investigation into the Nigerian National Petroleum Company Limited (NNPCL)’s acquisition of OVH Energy Marketing’s downstream assets and refinery upgrade.
This follows a directive from the House mandating a fresh probe after the initial report on the matter was rejected for omitting critical details.
Chairman of the Committee, Hon. Ikenga Imo Ugochinyere, disclosed this on Wednesday, stating that the renewed investigation is entirely separate from the earlier inquiry conducted by the previous committee.
He explained that the earlier report was discarded by the House due to its failure to capture key facts, prompting the need for a comprehensive re-examination of the transaction.
Hon. Ugochinyere called on members of the public with relevant information or documentation to forward their submissions to the Clerk of the Committee on Petroleum Resources (Downstream).
According to him, one of the major setbacks in the investigation has been the refusal of some stakeholders to provide essential documents. However, he noted that the committee has resolved to proceed with or without those submissions to meet its legislative mandate.
“Anyone found to have acted improperly—whether through direct wrongdoing or oversight failure—will be identified, and appropriate recommendations will be made in the national interest,” Ugochinyere assured.
He emphasized the scope of the probe, stating:
“This fresh investigation is mandated to uncover the full facts surrounding the OVH acquisition. This includes examining the funds paid, the details of the acquisition agreement, the assets involved, and the controversial claim that former OVH executives formed a new company which later acquired OVH itself. Alarmingly, these same individuals are alleged to have taken up key leadership roles within NNPC Retail, raising serious questions about the transparency of the transaction.”
Ugochinyere confirmed that the committee has already held a special session to begin deliberations and set timelines for the completion of the probe.
“One of the key resolutions at our recent meeting was the need to conclude this investigation without further delay,” he said. “There has been growing pressure from NNPC Retail staff, industry stakeholders, and concerned Nigerians who are demanding clarity and accountability.”
He stressed that resolving the lingering questions around the acquisition was essential to allow NNPC Retail’s new leadership to focus on ongoing reforms without being hindered by unresolved controversies.
“This investigation is crucial not only to clarify the alleged irregularities in the OVH acquisition but also to restore public confidence and ensure that these reforms are not derailed by past missteps,” he added.
