NNPC Clarifies Tinubu’s Lack Of Interest In OVH Acquisition

NNPC Clarifies Tinubu’s Lack Of Interest In OVH Acquisition

The Nigerian National Petroleum Company Limited (NNPC) has clarified that neither President Bola Tinubu nor Wale Tinubu of Oando Plc is involved in the acquisition of OVH. This response addresses claims made by former Vice President Atiku Abubakar, who alleged that the acquisition involved corporate interests linked to President Tinubu……. CONTINUE READING 

NNPC spokesperson Olufemi Soneye responded to Atiku’s statement, which accused President Tinubu of orchestrating a takeover of the NNPC by corporate figures and alleged that Wale Tinubu held a 49 percent stake in OVH. Atiku also suggested that the retention of Mele Kyari as NNPC Group CEO was part of a scheme to integrate personal business interests into federal enterprises.

Soneye emphasized that NNPC’s investment decisions are guided by commercial viability and national interest. He noted that by the time NNPC acquired OVH in 2022, Oando, where Wale Tinubu had an equity stake, had already divested its interest in OVH to partners Vitol and Helios. Oando had begun this divestment in 2016, and by 2019, had fully exited, leaving Vitol and Helios with 50 percent equity each.

Following NNPC’s acquisition of OVH, the company, along with NNPC Retail Ltd, became part of NNPC Ltd. The merger of NNPC Retail Ltd into OVH has been completed, with NNPC Retail Ltd continuing as the post-merger name.

Soneye rejected Atiku’s claims, asserting that neither Wale Tinubu nor President Tinubu holds any interest in the acquisition. He also highlighted NNPC’s commercial success under Mele Kyari’s leadership, as demonstrated by the company’s N3.3 trillion profit reported in the 2023 financial statement.

NNPC Ltd maintains its focus on national interest and commercial effectiveness, free from political influence. The acquisition of OVH was valued at $325 million.

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