Business
Kyari denies claims that NNPCL relocated and that OVH Energy was illegally acquired
The House of Representatives’ ad hoc committee is holding an inquiry hearing into the claim that NNPCL corruptly acquired OVH Energy.
The NNPC Ltd., a subsidiary of the Nigerian National Petroleum Company, has refuted rumours that it intends to move its administrative centre from Abuja to Lagos State.
On Friday, when he appeared before an ad hoc committee of the House of Representatives for an investigative hearing on the charge of improper acquisition of OVH Energy by NNPCL, the Group Chief Executive Officer, Mr. Mele Kyari, made the reply.
Mr. Kyari asserts that the acquisition of OVH Energy, which gave the NNPC over 30% control of the downstream sector and a profit of N18.4 billion in just the first quarter of 2023, was appropriately handled.
According to Mr. Kyari, the purchase of OVH Energy was done in accordance with the law.