Victor Ezeja
The Nigeria National Petroleum Company (NNPCL), has countered claims by former Vice President, Atiku Abubakar, that the company has been hijacked by cabals around President Bola Tinubu.
The company also said neither the President nor Wale Tinubu has any interest in the OVH acquisition.
Join our WhatsApp ChannelAtiku, in a statement signed by his media adviser, Paul Ibe, alleged that NNPCL has been hijacked by “corporate cabals” around President Tinubu.
He also claimed that NNPC Retail Limited has been acquired by OVH I and that Mr. Wale Tinubu held 49% stake in the company. He added that after dissolving NNPCL board, Tinubu retained Mr. Mele Kyari as the Group Chief Executive Officer of NNPCL as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH.
The former vice president further alleged that Tinubu was replicating what he did in Lagos at the national level and that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by the president to integrate his personal business interests into Nigeria’s public enterprises.
READ ALSO: NNPC Hijacked By Tinubu’s Cabals, Atiku Alleges
However, reacting to the allegations, the NNPCL, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, said Oando, in which Mr. Wale Tinubu has equity interest, had fully divested its equity in OVH to the other partners – Vitol and Helios at the time NNPCL acquired OVH in 2022.
Explaining events preceding the acquisition of OVH by NNPCL, Soneye said “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 further stated that after the acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPCL.
Responding to the concern raised by Atiku that NNPCL has put the retail arm under the control of OVH, Soneye said the national oil company opted to merge NNPC Retail Limited into OVH “based on professional advice and sound commercial considerations.”
He however, stated that the company will retain NNPC Retail Limited as the company name post-merger.
“The first step of merging NNPC Retail Limited into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing,” he added.
“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.”
On Kyari’s leadership of the NNPCL, the oil company’s spokesperson claimed that he “has done well in making the company record growth.
He added that an example of Kyari’s achievements in the company is shown in the 2023 Audited Financial Statement, where it reported N3.3 trillion as profit after tax.
The spokesperson further claimed that NNPCL is a commercial entity that has no political interest and shall in the conduct of its business, remain committed to national interest and value creation for the benefit of all stakeholders.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
