The Nigerian National Petroleum Company Limited (NNPCL) has faulted former Vice President Atiku Abubakar on an allegation linking President Bola Tinubu and Mr Wale Tinubu to the acquisition of the OVH.
Atiku had, in a statement on Wednesday by his media aide, Paul Ibe, pointed fingers at President Tinubu in the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed that Wale Tinubu held 49 per cent stake.
He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
However, NNPCL, in a release on Thursday by its Chief Corporate Communications Officer, Olufemi Soneye, stated that, contrary to the false alarm raised, neither the president, nor Wale Tinubu has any interest in the OVH acquisition.
NNPCL stated in the release, “OVH Acquisition: The Facts by NNPC Ltd”, that, Atiku, as a businessman, “should know that effectiveness in business leadership is best measured by balance sheets and bottom lines, rather than pedestrian considerations.”
The national petroleum company quoted the former vice president to have lamented “’the criminal hijack of the NNPCL 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 NNPCL as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49 per cent 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.”
However, setting the records straight, NNPCL debunked all the allegations and declared thus:
“We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.
“Investment decisions by NNPCL Management are strictly determined on the basis of commercial viability and national interest.
“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.
“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 per cent equity interests, respectively.
“Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPCL.”
The petroleum company stated that, based on professional advice and sound commercial considerations, it opted to merge NNPC Retail Limited into OVH, and thereafter retained 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.
“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 NNPCL, 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,” it added in the release.
It was further stated in the release that, as a commercial entity devoid of political interest, NNPCL “shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders.”
It also assured that “NNPCL shall resist any attempt to draw its Board and Management into partisan politics.”
