Tinubu has no interest in OVH acquisition – NNPC
The Nigerian National Petroleum Company Limited says neither President Bola Tinubu nor Mr Wale Tinubu of Oando Plc has an interest in the acquisition of OVH by NNPC.
NNPC, in a statement by its spokesperson, Olufemi Soneye, was reacting to a release signed by the Media Adviser to former Vice President Atiku Abubakar, Paul Ibe
In the statement, Atiku was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals” around President Tinubu.
He was also quoted to have listed the retention of Mr Mele Kyari as the Group Chief Executive Officer of the NNPC as compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Wale Tinubu holds a 49 per cent stake.
Atiku further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by the President to integrate his business interests into Nigeria’s public enterprises at the federal level.
Reacting, Soneye said investment decisions by the NNPC management are strictly determined based on commercial viability and national interest.
According to him, at the time the NNPC acquired OVH in 2022, Oando, in which Wale Tinubu has an equity interest, had fully divested its equity in OVH to the two other partners – Vitol and Helios.
“Oando began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the name change from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH, resulting in Vitol and Helios holding 50 per cent equity interests respectively.
“Upon acquisition of OVH by NNPC, 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,” he explained.
Soneye explained that “contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.”
He added that Atiku, as a businessman, should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.
“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, where it reported N3.3tn as profit after tax.
“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,” he concluded.
The PUNCH reports that the NNPC paid $325m to acquire OVH.
