The Nigerian National Petroleum Company (NNPC) Limited, has debunked claims that it’s subsidiary, OVH limited has been hijacked by cabals around President Bola Tinubu.
Former Vice President Atiku Abubakar, had in a statement by Paul Ibe, his media adviser, lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.
Atiku Abubakar also stated that Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, retained his position in the company as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Wale Tinubu held 49% stake.
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The statement also stated that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
But the NNPC Ltd, in a statement by Olufemi Soneye, the Chief Corporate Communications Officer, debunked the claims, stating that neither President Bola Tinubu, nor Wale Tinubu has stakes in OVH limited
The NNPCL, in the statement, explained that as a commercially-focused and profit-driven company, it’s activities are “managed by professionals who are committed to adding value to the nation.
The company also revealed that ” contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.”
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It explained further that investment decisions by NNPC Ltd are strictly determined on the basis of commercial viability and national interest.
The company declared that the Mele Kyari led management has done well, citing the N3.3trillion after tax profit result of 2023.
“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.”
The company disclosed that as 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 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.”
” 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 NNPC Ltd therefore, assured Nigerians that it will continue to ensure that the company resists attempts to drag its Board and Management into partisan politics
“The 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.”
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