A top official of the company, who pleaded annoymity disclosed this to TBI Africa in Lagos on Tuesday.
The source said the company had cut down its staff strength in order to meet up with salaries payment.
It would be recalled Oando Marketing Ltd., in 2016 changed the company’s brand name to OVH Energy Marketing Ltd.
The change of name was to reflect the then recapitalisation and corporate restructuring aimed at admitting new shareholders.
The source also said that the ongoing challenges in the downstream sector also contributed to the massive retrenchment.
The official confirmed that all sacked workers had been paid to date, adding that was to salvage the situation before it got out of hands.
Reacting to the development, Mr Gogomary Oyet, the Group Head, External Relations and Communications of the company confirmed that about 70 workers were restrenched to date.
According to Oyet, the severance exercise at OVH Energy is not a decision made on an impulse.
“It was done after extensive discussions for over eight months at the local, zonal and national levels of the relevant unions.
“The severance package realised from these conversations were acceptable and signed by all parties before the implementation of the exercise.
“We have executed this exercise strictly in line with the terms of agreement which was approved and signed by all named chapters of PENGASSAN and OVH Energy Marketing’s management,” he said.
Oyet also said the company had introduced a voluntary exit package for those who were not affected by the severance exercise, but wished to move ahead with other ventures.
“It is important to state that all those affected by this exercise went through an outplacement program.
“This got them ready for life outside OVH Energy which include financial planning, health management and entrepreneurship.
According to him, the interest, well-being and welfare of our employees are of uttermost importance to OVH Energy.
Oyet added, “We remain committed to sustaining a diverse, safe and respectful work environment.
“OVH Energy is always looking to optimise its products and services offered to the market and making sure the supporting processes and organisation are in line with that objective.
“Any further organisational change will always happen in consultation and agreement of relevant union and stakeholders.”
The massive retrenchment which started in December 2018 had created serious panicking to the left workers of the company who were yet to know their faiths.