The Nigerian National Petroleum Company Limited (NNPCL) has issued a strong rebuttal to allegations made by former Vice President Alhaji Atiku Abubakar regarding the acquisition of OVH, the parent company of NNPC Retail Ltd.
In a press release signed by Chief Corporate Communications Officer, Olufemi Soneye, NNPCL refuted claims that the acquisition was a scheme to serve the personal business interests of President Bola Ahmed Tinubu.
The controversy arose after Atiku, through his Media Adviser, Paul Ibe, accused President Tinubu and corporate cabals of “criminally hijacking” NNPCL. He further alleged that Mr. Wale Tinubu, who he claimed held a 49% stake in OVH, had been unfairly compensated by retaining Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd.
NNPCL, however, has described these claims as baseless and misleading. The company clarified that the acquisition of OVH, finalized in 2022, was made after Oando, a company in which Wale Tinubu has equity interest, had completely divested from OVH. According to NNPC, Oando’s divestment process began as far back as 2016, culminating in the full transfer of equity interest to Vitol and Helios by 2019.
The statement emphasized, “At the time NNPC Ltd. acquired OVH in 2022, Oando had fully divested its equity in OVH to the other partners—Vitol and Helios—who each held 50% equity interests. Neither Wale Tinubu nor the President has any interest in the OVH acquisition.
Addressing the rationale behind the acquisition, NNPC Ltd. explained that the decision was driven by commercial viability and national interest. The statement noted that the merger of NNPC Retail Ltd. into OVH was completed based on professional advice and sound commercial considerations. The process of renaming the merged entity as NNPC Retail Ltd. is currently ongoing.
NNPC Ltd. also highlighted its success under the leadership of Mr. Mele Kyari, citing the company’s 2023 Audited Financial Statement, which reported a profit after tax of N3.3 trillion. The company stressed its commitment to operating as a commercially-focused and profit-driven entity, devoid of political influence.
“We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation,” the statement read, adding that NNPC Ltd. will continue to resist any attempt to draw its Board and Management into partisan politics.
In a pointed remark directed at the former Vice President, NNPCL. stated, “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 company reiterated its mission to conduct its business with a full commitment to national interest and value creation for the benefit of all stakeholders.
