Atiku Abubakar, the 2023 presidential candidate for the Peoples Democratic Party (PDP), has called on the All Progressives Congress (APC)-led Federal Government to explain how Oando Plc, a company owned by President Bola Tinubu’s nephew, received swift approval to acquire the onshore assets of AGIP and ENI.
Oando Plc recently announced the completion of its acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC).
In a statement released on Thursday, the company said, “Today marks a significant milestone for Oando PLC as we proudly announce the finalisation of our agreement with Eni to acquire the entire shareholding of Nigerian Agip Oil Company Limited (NAOC Ltd).”
In a statement by his Special Assistant on Public Communication, Phrank Shaibu, Atiku accused Oando of receiving preferential treatment in the oil and gas sector, which he argued disadvantaged more capable investors.
“Former Vice President of Nigeria, Atiku Abubakar, has asked the Federal Government to explain why Oando Plc, owned by the President’s nephew, got an accelerated approval to buy the onshore assets of AGIP and ENI while other transactions such as the Shell/Renaissance deal and the Mobil/Seplat deal continue to suffer delays,” the statement read.
Atiku criticised President Tinubu’s foreign trips, accusing him of misleading the public about removing petrol subsidies and failing to attract foreign direct investment (FDI). He noted that despite the administration’s claims, the Nigerian National Petroleum Company Limited (NNPCL) admitted that N7.8 trillion is owed to it by the government. The International Monetary Fund (IMF) estimates that subsidy payments this year will account for 3% of Nigeria’s GDP, or approximately $7.5 billion or N11.8 trillion.
The former vice president also condemned the House of Representatives for not taking appropriate action against the NNPCL, which he alleged is “mortgaging the country’s national oil assets to vested interests.”
Atiku highlighted that within eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved a deal for the divestment of ENI/AGIP onshore assets to Oando, while other transactions like SEPLAT’s attempt to acquire Mobil’s onshore assets have stalled for three years. “The deal between Renaissance and Shell continues to stall. In fact, the only deal that has fully scaled through so far is the one involving Oando. We now know why it got accelerated approval,” Atiku said.
He criticised the Tinubu administration for allegedly turning democracy into a “government of Tinubu, by Tinubu, and for Tinubu and his family members.”
Atiku also noted that in July 2023, the House of Representatives, following a motion by Miriam Onuoha, directed NNPC Ltd. to halt the acquisition of OVH assets pending an investigation. However, despite these directives, the NNPC proceeded with the transfer of ownership and properties to OVH, allegedly compromising the nation’s future.
The statement further accused NNPC management of favouritism, pointing out that Huub Stoksman and Mumuni Dangazau, both former executives of OVH Energy, were appointed to senior positions at NNPC Retail before the official merger of the two entities.
Atiku also criticised the Tinubu administration for alleged human rights abuses and for using the Cyber Crime Prevention Act of 2015 to detain citizens, accusing the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) of acting as a replacement for the disbanded Special Anti-Robbery Squad (SARS).
He cited several incidents, including the disappearance of Daniel Ojukwu, a journalist from the Foundation for Investigative Journalism, and the arrests of other journalists and bloggers, suggesting a pattern of intimidation against those speaking out against the government.
Atiku demanded the immediate release or proper arraignment of those detained, including Bristol Tamunobiefiri, who has been held for over two weeks.
Atiku’s statement concluded with a call for accountability and transparency from the Tinubu administration, urging it to respect democratic principles and the rule of law.
