The House of Representatives Committee on Petroleum Resources (Downstream) has formally commenced a new investigation into the Nigerian National Petroleum Company Limited’s (NNPCL) acquisition of OVH Energy Marketing’s downstream assets and the ongoing refinery upgrade projects.
Chairman of the Committee, Hon. Ikenga Imo Ugochinyere, disclosed on Friday that the House had rejected an earlier report submitted by the former committee due to what he described as “omissions of critical facts,” prompting the decision to undertake a fresh and thorough review.
“This investigation is distinct from the previous inquiry,” Ugochinyere told journalists in Abuja. “The House has mandated our Committee to conduct a fresh probe with the clear objective of uncovering what truly transpired in the OVH acquisition process.”
He explained that the probe would focus on financial details of the deal, the acquisition agreement, and allegations surrounding former OVH managers who are said to have formed a new company that eventually acquired OVH before assuming top positions in NNPC Retail.
“This raises significant concerns about transparency, potential conflict of interest, and the integrity of the entire transaction,” Ugochinyere noted.
The Committee Chair also invited members of the public and industry stakeholders to submit relevant information and documents to assist the investigation. “We are providing an open platform for those with information to contribute meaningfully. Submissions should be directed to the Clerk of the House Committee on Petroleum (Downstream),” he added.
While acknowledging delays in the process, Ugochinyere blamed the slow pace on the failure of some stakeholders to provide key documents, but affirmed that the Committee would now proceed regardless of those lapses.
“We are committed to concluding this assignment within the shortest possible time. If any individual is found to have acted improperly, either through direct wrongdoing or dereliction of duty, we will not hesitate to name them and recommend appropriate action in the national interest,” he assured.
He stressed that finalizing the investigation would allow the current leadership at NNPC Retail to continue their reform agenda without the burden of unresolved controversies.
“Public trust in the petroleum sector is crucial. This investigation is not just about accountability—it’s about giving NNPC Retail the space to carry out reforms unencumbered and restoring confidence in our national oil assets,” Ugochinyere stated.
The investigation comes as the House moves to reinforce transparency and credibility in Nigeria’s downstream petroleum operations. Industry observers are watching closely as lawmakers seek to clarify issues that have sparked debate in recent months.
