NNPC Refutes Atiku’s Claims Over OVH Acquisition

The Nigerian National Petroleum Company Limited (NNPC) has rejected claims made by former Nigerian President Atiku Abubakar regarding the company’s acquisition of OVH.

In a statement released by NNPC spokesperson Olufemi Soneye, the company responded to Atiku’s allegations, which suggested that President Bola Tinubu‘s associates were involved in the sale of NNPC’s retail subsidiary to OVH, a company linked to Wale Tinubu.

Atiku, through his spokesperson Paul Ibe, expressed concerns about what he termed the «criminal hijack of the NNPC by corporate cabals» surrounding the current administration. He specifically cited the retention of Mele Kyari as the Group Chief Executive Officer of the NNPC as evidence of favoritism in the alleged acquisition.

However, Soneye clarified that the claim that Wale Tinubu holds a significant stake in OVH is unfounded. The spokesperson emphasized that investment decisions made by NNPC are based on commercial viability and national interest, dismissing any insinuation of political involvement.

According to Soneye, when NNPC acquired OVH in 2022, Oando, a company in which Wale Tinubu had an equity interest, had already fully divested from OVH. Oando began this divestment process in 2016 and completed it by 2019, leaving Vitol and Helios as the current equity partners.

Furthermore, NNPC disclosed that upon acquiring OVH, both NNPC Retail Ltd. and OVH became subsidiaries. A merger was initiated, leading to NNPC Retail Limited retaining its name post-merger. This restructuring is consistent with professional advice and sound commercial considerations.

The spokesperson criticized Atiku’s perspective, stating that effective business leadership should be measured by financial performance rather than speculative claims. NNPC, under the management of Mr. Mele Kyari, reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement, reflecting a successful financial trajectory.