Count Tinubu’s Family, Associates Out Of OVH Acquisition —NNPCL Tells Atiku

Posted by Niyi Adeyi Business News, Featured, Latest Headlines Thursday, August 22nd, 2024

(AFRICAN EXAMINER) – The Nigerian National Petroleum Corporation Limited (NNPCL) has debunked the allegations by the former Vice President, Alhaji Atiku Abubakar, that President Bola Tinubu and his family members have infiltrated Company (NNPC).

Atiku has questioned NNPC’s acquisition of OVH, alleging undue influence by Tinubu’s family and associates.

The former Vice President further accused President Bola Tinubu of mortgaging the oil industry to his family and associates, citing the alleged control of OVH, an oil industry operator, by Oando Plc, owned by Wale Tinubu.

However, in its reaction through a statement signed by Chief Corporate Communications Officer Olufemi Soneye in Abuja on Thursday, the NNPC described Atiku’s claim as a false alarm.

It reads,” NNPC Ltd wishes to set the records straight with the following facts:

“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% 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.

“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 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.

“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 “