NNPC Responds to Atiku: Wale Tinubu and President Have No Interest in OVH

The Nigerian National Petroleum Corporation (NNPC) clarifies that neither Wale Tinubu nor the President has any stake in OVH, addressing claims made by Atiku Abubakar and affirming transparency.

Atiku Abubakar’s claims that “corporate cabals” around President Bola Tinubu have taken control of the Nigerian National Petroleum Corporation Limited (NNPCL) were refuted by the company.

On Wednesday, Atiku conveyed his surprise through a statement signed by Paul Ibe, his media aide. He found it astonishing that the NNPC had placed its retail division under OVH’s management despite knowing Oando owned 49% of the company and Wale Tinubu is at its helm.

Atiku expressed his disappointment that the corporate cabals around the president have criminally taken over NNPC, thereby overshadowing his plans to privatize and enhance transparency in the company.

The NNPC dismissed Atiku’s claim as baseless in a statement released on Thursday and signed by its Chief Corporate Communications Officer, Olufemi Soneye, based in Abuja.

The state-owned oil firm has stated that both Wale Tinubu and the President have no stake in the acquisition of OVH.

The NNPC asserts that it is a profit-oriented enterprise led by dedicated professionals who strive to enhance the country’s worth. Investment choices made by its management are meticulously evaluated based on commercial feasibility and national benefit.

NNPC Ltd has acknowledged a press release bearing the signature of Mr. Paul Ibe, who serves as a Media Adviser to Alhaji Atiku Abubakar, the former Vice President.

The former Vice President expressed sorrow over the “criminal takeover of NNPC by corporate groups close to the present president” in his statement.

According to reports, he was quoted as saying that retaining Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd would serve as compensation for OVH’s alleged acquisition of NNPC Retail Ltd in which it is claimed that Mr. Wale Tinubu held a 49% stake.

According to him, the NNPC Retail Ltd-OVH acquisition agreement was a component of President Bola Ahmed Tinubu’s elaborate strategy aimed at merging his private commercial ventures with Nigeria’s federal-level public entities.

The following facts aim to clarify NNPC Ltd’s position: Our company is profit-driven with a commercial focus, backed by dedicated professionals who strive to enhance the nation’s value.

The NNPC Ltd Management makes investment decisions solely based on commercial feasibility and the welfare of the nation.

When NNPC Ltd purchased OVH in 2022, Oando (of which Mr. Wale Tinubu holds equity interest) had already sold its shares to joint partners Vitol and Helios. Oando started the divestment process back in 2016 when it welcomed Vitol and Helios as new investors, resulting in a rebrand from Oando to OVH. By 2019, after completing full divestment of their stake in OVH, Vitol and Helios became equal stakeholders with each holding a 50% shareholding interest.

After NNPC Ltd acquired OVH, both companies became subsidiaries of NNPC Ltd. Despite this, after careful consideration and professional advice, NNPC Ltd decided to merge its subsidiary company -NNPC Retail Limited- into OVH; subsequently deciding to retain the name of the former post-merger as “NNCP Retail Limited”.

The initial phase of the integration process between NNPC Retail Ltd and OVH is now done, with renaming to NNPC Retail Ltd in progress post-merger.

Despite the misleading alert, Wale Tinubu and the President have no stake in the OVH purchase.

As a businessman, the former Vice President ought to be aware that success in business leadership is primarily evaluated by financial performance rather than trivial factors.

Under the guidance of Mr. Mele Kyari, NNPC Ltd’s management has successfully expanded the company’s financial standing as evidenced by its audited financial statement for 2023 which disclosed a remarkable N3.3 trillion profit after tax.

NNPC Ltd operates solely as a commercial organization and is completely independent of political affiliation. Its operations are driven by staunch dedication to national interests, creating value for all stakeholders. Under no circumstances will NNPC Ltd allow its Management or Board be influenced by partisan politics.