*Begin fresh investigation of OVH Acquisition, Turn Around Maintenance
The House of Representatives Committee on Petroleum (Downstream), has ended its 3-day retreat on key issues in the downstream sector of petroleum industry, with commendation for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Dangote Refinery and owners of modular refineries for their efforts in championing the development of the sector.
The committee also vowed to mediate between Dangote Group and NUPENG to prevent further escalation and ensure that all stakeholders are fairly represented. Reports from the sub-committees are expected in the coming weeks, forming the basis for potential legislative interventions.
The retreat, which brought together lawmakers, industry stakeholders, union representatives, and regulatory bodies brainstorm, according to the committee, was to brainstorm on concerns over alleged monopolistic practices, substandard petroleum products, and the marginalization of key players in the sector.
The chairman of the Committee, Ikeagwuonu Ugochinyere, said ” the Committee took out time to salute the leadership of NMDPRA led by Alhaji Farouk, Dangote Refinery led by Alhaji Aliko Dangote, Modular Refinery owners and other key stakeholders for the massive efforts and investments been deployed to see a working and productive downstream sector that is now guaranteeing energy security for Nigeria.”
The lawmaker explained that stated that as they have commenced the investigation into the acquisition of OVH Energy Assets by the Nigerian National Petroleum Company Limited (NNPCL). Therefore, he called on the public to make their input before the lawmakers presents their recommendations on the floor of the House.
According to him, one of the major causes of delay was the failure of certain stakeholders to submit vital documents, but that the committee has resolved to move forward with or without those submissions and complete the assignment as mandated by the House.
Ugochinyere emphasized the committee’s commitment to “delivering real reforms that will ensure efficiency, fairness, and competitiveness across the board,” stating that the retreat marks a turning point in legislative oversight of the sector.
He added that the panel is also poised to investigate the Turn Around Maintenance of the country’s refineries by the NNPCL.
