By Divine Ihechimerem
The Nigerian National Petroleum Company Limited (NNPC Ltd) has responded strongly to allegations made by former Vice President Alhaji Atiku Abubakar, challenging his claims regarding the company’s acquisition of OVH Energy.
In a press release signed by Mr. Paul Ibe, a media adviser to Atiku, the former Vice President accused the NNPC of being “hijacked” by corporate cabals linked to President Bola Ahmed Tinubu. He further claimed that the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd was a reward for an alleged deal that allowed OVH, in which Mr. Wale Tinubu allegedly held a 49% stake, to acquire NNPC Retail Ltd.
Atiku also alleged that the acquisition was part of a broader strategy by President Tinubu to integrate his personal business interests into federal public enterprises.
Responding in a statement by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd, described the former Vice President’s claims as baseless and aimed at misleading the public.
Part of the statement read: ‘NNPC Ltd emphasized that it is a commercially-driven and profit-focused company managed by professionals committed to adding value to the nation. All investment decisions are made based on commercial viability and national interest.
“NNPC Ltd clarified that at the time of its acquisition of OVH in 2022, Oando, where Mr. Wale Tinubu holds equity interest, had already fully divested from OVH. Oando’s divestment process began in 2016, leading to Vitol and Helios becoming equity partners, with Oando fully exiting the partnership in 2019. As a result, Vitol and Helios each held a 50% equity interest in OVH.
“Following the acquisition, OVH and NNPC Retail Ltd became subsidiaries of NNPC Ltd. Based on professional advice and commercial considerations, NNPC Ltd opted to merge NNPC Retail Ltd into OVH and retain the NNPC Retail Ltd name post-merger. The merger process is currently ongoing.
“Rejection of Allegations**: NNPC Ltd categorically denied any involvement of Mr. Wale Tinubu or President Tinubu in the OVH acquisition. The company asserted that the transaction was driven purely by business considerations.”
The statement highlighted the success of NNPC Ltd under the leadership of Mr. Mele Kyari, noting that the company reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement. NNPC Ltd emphasized that business effectiveness should be measured by financial performance rather than unfounded accusations.
NNPC Ltd reaffirmed its position as a commercial entity devoid of political interests and expressed its determination to resist any attempts to drag its Board and Management into partisan politics, noting that it remains committed to national interest and value creation for the benefit of all stakeholders.