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From Adanna Nnamani, Abuja
NNPC Ltd has disclosed that neither President Bola Tinubu nor his relation, Wale Tinubu, is involved in the acquisition of OVH by the national oil company.
NNPC Ltd in a statement debunked recent remarks made by Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar, where he expressed concerns about what he described as a “criminal hijack” of NNPC by corporate interests surrounding the current President. He also mentioned the retention of Mr. Mele Kyari as Group Chief Executive Officer of NNPC Ltd, suggesting it was a form of compensation linked to the alleged acquisition of NNPC Retail Ltd by OVH, in which he claimed Mr. Wale Tinubu held a 49% stake.
Additionally, he alleged that this deal was part of a broader scheme by President Bola Ahmed Tinubu to intertwine personal business interests with Nigeria’s federal public enterprises.
Responding to the claims, the NNPC Ltd’s Spokesman, Femi Soneye, said the national oil company has morphed into a commercially-oriented, profit-driven entity managed by professionals dedicated to enhancing national value.
He added that all investment decisions at NNPC Ltd are based on commercial viability and national interest, free from political influence.
“When NNPC Ltd acquired OVH in 2022, Oando, in which Mr. Wale Tinubu had a stake, had already divested its interest. Oando began its divestment process in 2016, leading to a rebranding of Oando to OVH. By 2019, Oando had fully exited, with Vitol and Helios holding equal shares of 50% each.
“Following the acquisition, both NNPC Retail Ltd and OVH became subsidiaries of NNPC Ltd. Based on professional and commercial advice, NNPC Ltd decided to merge NNPC Retail Ltd into OVH, retaining NNPC Retail Ltd as the company name post-merger.
“The merger of NNPC Retail Ltd into OVH has been completed, and the process of renaming it to NNPC Retail Ltd is underway.
“There is no involvement or interest in the OVH acquisition by Wale Tinubu or the President. The claims suggesting otherwise are unfounded.
“Effective business leadership is best gauged by financial performance and operational success, not by speculative or politically motivated assertions.
“Under Mr. Mele Kyari’s leadership, NNPC Ltd has significantly improved its financial health, as evidenced by a profit after tax of N3.3 trillion in the 2023 Audited Financial Statement. NNPC Ltd remains committed to its role as a commercial enterprise, focused on national interest and stakeholder value creation. The organization will resist any efforts to involve its Board and Management in partisan politics”, he explained.
