Neither Tinubu nor his nephew has interest in OVH acquisition, NNPCL replies Atiku

The Nigeria National Petroleum Company Limited (NNPCL) has said its investment decisions are strictly determined on the basis of commercial viability and national interest. It spoke in response to former Vice-President, Alhaji Atiku Abubakar, who claimed that cabals linked to President Bola Tinubu had hijacked the national petroleum company. Atiku, in a statement signed by […]

The Nigeria National Petroleum Company Limited (NNPCL) has said its investment decisions are strictly determined on the basis of commercial viability and national interest.

It spoke in response to former Vice-President, Alhaji Atiku Abubakar, who claimed that cabals linked to President Bola Tinubu had hijacked the national petroleum company.

Atiku, in a statement signed by Paul Ibe, his Media Adviser, said, “Just as Alpha Beta, Primero, and others act as Tinubu’s proxies in Lagos, managing critical sectors and generating revenue for him and his family, he has begun to replicate this at the federal level.”

He also expressed surprise at the operations of the NNPC and how the government-owned oil company had put its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, owns 49%.

• Remi Tinubu donates N215m to 4,300 women in FCT, 3 states
• Nigerians harming themselves over excessive salt consumption – Experts

But reacting to Atiku’s comment, NNPCL in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, clarified that the NNPCL is a commercial entity devoid of “political interest.”

“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition,” the NNPCL said.

Soneye explained that at the time NNPC Ltd. acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the other partners – Vitol and Helios.

Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests, respectively.

He said, “Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.”

He further explained that the first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.

The statement added, “We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.
“As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.”

Soneye stated that the management of NNPC Ltd., under the leadership of Mr. Mele Kyari, “has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.

“NNPC Ltd. as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd. shall resist any attempt to draw its Board and Management into partisan politics.”