NNPC Refutes Claims of Oando’s Stake in Acquisition Deal

The Nigerian National Petroleum Corporation (NNPC) Limited has strongly denied allegations that Oando Plc and its CEO, Wale Tinubu, possess a 49% stake in the acquisition deal involving its retail subsidiary and OVH Energy.

In a statement released on Thursday, NNPC spokesperson Olufemi Soneye described the claims made by Paul Ibe, an aide to former Vice President Atiku Abubakar, as both inaccurate and unfounded.

Previously, Ibe had asserted that the acquisition of NNPC Retail Ltd. by OVH was a “criminal hijack” orchestrated by a corporate cabal, specifically alleging that Wale Tinubu held a 49% stake in OVH.

In response to these allegations, NNPC clarified that Oando, where Mr. Wale Tinubu had equity interest, had fully divested its stake in OVH to its partners, Vitol and Helios, prior to the acquisition by NNPC Retail Ltd.

Soneye highlighted that the divestment process began in 2016 and was completed in 2019, before NNPC Ltd. acquired OVH Energy in 2022.

The statement issued by NNPC Ltd. indicated that it had been made aware of a press release from Paul Ibe, in which the former Vice President lamented what he termed the “criminal hijack of the NNPC by corporate cabals.”

According to the statement, Ibe also alleged that the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd. was a reward for the supposed acquisition of NNPC Retail Ltd. by OVH, in which he claimed Mr. Wale Tinubu held a 49% stake.

Additionally, Ibe accused President Bola Ahmed Tinubu of attempting to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

However, NNPC Ltd. emphasized that at the time of its acquisition of OVH in 2022, Oando had completely divested its equity in OVH, resulting in Vitol and Helios holding 50% equity interests, respectively.

Moreover, NNPC elaborated on its strategic decision to merge its retail subsidiary with OVH Energy, citing a focus on maximizing profitability.

Soneye reasserted that investment decisions made by NNPC management are based strictly on commercial viability and national interest.

He noted that while the merger process is ongoing, NNPC decided to rename the new company as NNPC Retail Ltd., following the transition.

The statement concluded by clarifying that neither Wale Tinubu nor the President has any stake in the OVH acquisition.

Recently, controversy emerged regarding the acquisition deal between NNPC Retail Ltd. and OVH Energy, sparked by reports suggesting that NNPC Limited intended to resell its subsidiary to OVH Energy after the concluded acquisition deal in 2022.

This report elicited reactions from various parties, including Paul Ibe, who questioned the integrity of the deal and suggested that OVH Energy was a subsidiary of Oando Plc.

In response, NNPC Limited reiterated that neither Oando nor its CEO, Wale Tinubu, holds any interest in OVH Energy, stressing that the acquisition is part of a broader business strategy aimed at serving national interest.