Former Vice President of Nigeria, Atiku Abubakar has asked the Nigerian government to explain why Oando Plc, owned by President Bola Tinubu’s nephew, got accelerated approval to buy the onshore assets of AGIP and ENI.
Atiku said this was while other transactions such as the Shell/Renaissance deal and the Mobil/Seplat continue to suffer delays.
He also accused the government of giving Oando undue preferential treatment in the oil and gas sector to the detriment of more competent investors.
The former Vice President in a release signed by his Special Assistant on Public Communication, Phrank Shaibu, slammed Tinubu’s administration for implementing a sham subsidy regime.
The 2023 Presidential candidate of the Peoples Democratic Party, PDP, knocked the House of Representatives for failing to take proper action on the Nigerian National Petroleum Company Limited, NNPCL, which he said had gone ahead to “mortgage the country’s national oil assets to vested interests”.
Atiku continued, “Within just eight months, the Nigerian Upstream Production Regulatory Commission, NUPRC, approved a deal which saw the divestment of ENI/AGIP onshore assets to Oando. Within that same period, Nigeria controversially withdrew all litigation against Shell/ENI in the OPL 245 scandal in what has been described as a quid pro quo.
“Ideally, democracy ought to be the government of the people, for the people, and by the people. But democracy in Nigeria has become the government of Tinubu, by Tinubu, and for Tinubu and his family members.”
Atiku added, “In July 2023, the House of Representatives, following the adoption of a motion moved by Miriam Onuoha directed NNPC Ltd to suspend the acquisition of OVH assets pending an investigation by its committee.
“The House ad-hoc committee requested the NNPC Ltd to furnish it with information about registration documents/history from CAC for OVH, Nueoil, and NNPC Retail Limited (NRL), Board Resolution of NNPC Ltd on purchase of OVH, Audited Financial Statement and Management Accounts from 2015 to date of OVH, Nueoil, NRL and NNPC Ltd and the payroll from 2015 to date for NRL and OVH; Board Resolution of NRL/CHQ for movement of head office to Lagos and evidence of Tax Payments for NRL and OVH from 2015 to date.
“The NNPC ignored all these and went ahead to transfer its ownership and properties in its retail arm to OVH, thereby mortgaging the future of Nigerians”.
NNPC Ltd denies Tinubu hijacking OVH Ltd
The Nigerian National Petroleum Company (NNPC) Limited, has debunked claims that it’s subsidiary, OVH limited has been hijacked by cabals around President Bola Tinubu.
The former Vice President, had in a statement by Paul Ibe, his media adviser, lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.
Atiku also stated that Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, retained his position in the company as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Wale Tinubu held 49% stake.
The statement also stated that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
But the NNPC Ltd, in a statement by Olufemi Soneye, the Chief Corporate Communications Officer, debunked the claims, stating that neither President Bola Tinubu, nor Wale Tinubu has stakes in OVH limited
The NNPCL, in the statement, explained that as a commercially-focused and profit-driven company, it’s activities are “managed by professionals who are committed to adding value to the nation.
The company also revealed that ” contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.”
It explained further that investment decisions by NNPC Ltd are strictly determined on the basis of commercial viability and national interest.
The company declared that the Mele Kyari led management has done well, citing the N3.3trillion after tax profit result of 2023.
“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.”
The company stated that as 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.
”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.
”The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.”
”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 NNPC Ltd, therefore, assured Nigerians that it will continue to ensure that the company resists attempts to drag its Board and Management into partisan politics
“The 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.”
