NNPC Denies Atikus Claims Says Neither Wale Tinubu Nor president Has Interest in OVH Acquisition

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Thursday differed with a former Vice President, Atiku Abubakar, over his claim that the NNPC Ltd has been hijacked by “corporate cabals” around President Bola Tinubu and the ownership of OVH acquisition.

Atiku in a statement on Wednesday, signed by his media adviser, Paul Ibe, expressed astonishment at how the NNPC Ltd “placed its retail division under the management of OVH, a company in which Oando, headed by Wale Tinubu, owns 49 percent.”

But Chief Corporate Communications Officer, NNPC Ltd, Olufemi O. Soneye, in a statement titled: ‘OVH Acquisition: The Facts, by NNPC Ltd,’ claimed that neither Wale Tinubu nor the President has any interest in the OVH acquisition.

Soneye said: “The attention of NNPC Ltd has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar. In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”. He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49% stake. He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

“NNPC Ltd wishes to set the records straight with the following facts: 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.”

He said 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 two other partners – Vitol and Helios.

He added that 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.

According to him, in 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively.

Soneye further explained that upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd.

He stated that 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.

According to him, the first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.

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

“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. “