The absence of the CEO of NNPC Limited, Mele Kyari, on Monday, stalled the investigation by the committee of the House of Representatives into the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited (NNPCL).
Mr Kyari and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MMDPRA), Farouk Ahmed, were last week summoned by the committee over the deal.
Messrs Kyari and Ahmed failed to appear in person but instead sent representatives.
Background to NNPC Limited/Oando’s deal
In October last year, the NNPCL acquired OVH Energy Marketing Limited’s downstream assets to add what it said was over 380 filling stations to its portfolio.
The assets acquired from the company, which operates Oando filling stations, also include a reception jetty with 240,000 metric tonnes monthly capacity and eight liquefied petroleum gas plants, three lube blending plants, three aviation depots, and 12 warehouses.
But in June, PREMIUM TIMES’ investigation on the acquisition exposed the secret deals and the complicated ownership structure that left managerial control of NNPC Retail in the hands of OVH Energy Marketing.
The report also exposed how OVH Energy Marketing only had about 94 stations and how over 100 stations were leased.
In addition, the report highlighted how Huub Stoksman, an expatriate and former Chief Executive Officer of OVH Energy, emerged as the new managing director of NNPC Retail, a development that further compounded the structure of NNPC Retail.
In July, the House, following the adoption of a motion moved by Miriam Onuoha (APC, Imo), directed the NNPCL to suspend the OVH acquisition pending an investigation by its committee.
The hearing
Mr Kyari sent Yemi Adetunji, the executive vice president (downstream), to represent him while Mr Ahmed also sent Soji Soloye to appear before the committee.
However, the lawmakers demanded the appearances of Messrs Kyari and Ahmed after the representatives said they had no power to speak on behalf of their principals.
The Chairman of the Committee, Abubakar Nalaraba, asked the duo if they were able to speak on behalf of their principals, and they answered “no”.
“Do you have what it takes to speak for them in this public hearing? Can you provide us with all the information required? If you can, then we will proceed because we need representatives who can speak on their behalf. Are you ready to answer questions on their behalf?” Mr Nalaraba asked.
Following their responses, Mr. Nalaraba ruled that the hearing could not proceed just as he lamented that the panel was behind schedule.
“The time allocated to conclude and submit this report is four weeks. Unfortunately, we are far behind schedule despite the extension of the House recess. We still feel the need to continue or to progress with this investigation,” he said.
Surprisingly, the committee resolved to hold a closed-door meeting with NNPC Limited reps to disclose the perfect time for Messrs Kyari and Ahmed to appear.
Source- Premium Times Newspaper.