The Nigerian National Petroleum Corporation Limited (NNPC Ltd.) has responded to recent allegations made by former Vice President Atiku Abubakar regarding the acquisition of OVH by the corporation.
In a press release signed by its Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd. clarified several points in response to statements attributed to Atiku by his Media Adviser, Mr. Paul Ibe.
Atiku had reportedly accused the NNPC of being “criminally hijacked by corporate cabals” associated with the current administration. He further alleged that the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd. was a form of compensation linked to an acquisition deal between NNPC Retail Ltd. and OVH, in which he claimed Mr. Wale Tinubu held a significant stake.
Atiku suggested that this deal was part of a broader scheme by President Bola Ahmed Tinubu to incorporate his personal business interests into federal enterprises.
In its response, NNPC Ltd. sought to “set the records straight,” emphasising its commitment to commercial viability and national interest in all its operations. The company highlighted that:
1. Commercial Focus: NNPC Ltd. is a profit-driven company managed by professionals dedicated to adding value to the nation.
2. Investment Decisions: Decisions on investments are made strictly based on commercial viability and national interest.
3. OVH Acquisition: At the time of the OVH acquisition in 2022, Oando, in which Mr. Wale Tinubu has an equity interest, had fully divested from OVH as early as 2019.
The company noted that Oando began divesting its equity in OVH in 2016, leading to a change of name from Oando to OVH. By 2019, Vitol and Helios held equal shares of 50% each in OVH.
4. Post-Acquisition Structure: Following the acquisition, NNPC Retail Ltd. and OVH became subsidiaries of NNPC Ltd. NNPC decided, based on professional advice, to merge NNPC Retail Ltd. into OVH, with plans to retain the name NNPC Retail Ltd. post-merger.
5. False Allegations: NNPC Ltd. categorically denied any involvement of Wale Tinubu or President Tinubu in the OVH acquisition.
6. Business Performance: The company pointed to its strong financial performance, citing the 2023 Audited Financial Statement, which reported a profit after tax of N3.3 trillion, as evidence of effective leadership under Mr. Mele Kyari.
7. Non-Partisanship: NNPC Ltd. reiterated its stance as a commercial entity free from political influence, committed to serving national interests and creating value for all stakeholders. The corporation emphasized its intention to remain uninvolved in partisan politics.
The release concludes by urging the public to judge business leadership by measurable financial success rather than what it termed “pedestrian considerations.”
