The Nigerian National Petroleum Company Limited (NNPCL) has denied claims that President Bola Tinubu’s personal interests influenced its acquisition deal with OVH Limited. This response followed a press release from Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar.
Concerns Raised by Former Vice President
In the statement, the former Vice President expressed concern about a “criminal hijack of the NNPC by corporate cabals” close to the current President. He noted that Mr. Mele Kyari continued as Group Chief Executive Officer of NNPC Ltd, suggesting it was compensation for the alleged acquisition of NNPC Retail Ltd by OVH. He claimed that Mr. Wale Tinubu held a 49 percent stake in that deal. Furthermore, he argued that the NNPC Retail Ltd–OVH acquisition is part of a scheme by President Bola Ahmed Tinubu to mix personal business interests with Nigeria’s public enterprises.
NNPCL’s Response
In response, NNPCL’s Chief Corporate Communications Officer, Olufemi O. Soneye, emphasized the company’s focus on commercial objectives. He pointed out that management makes investment decisions based mainly on commercial viability and national interest.
Acquisition Clarifications
Soneye clarified that when NNPC Ltd acquired OVH in 2022, Oando—where Mr. Wale Tinubu holds equity—had already divested from OVH, transferring ownership to Vitol and Helios. He explained that Oando began selling its stake in 2016, which led to the renaming from Oando to OVH. By 2019, Oando had fully exited, leaving both Vitol and Helios with equal stakes of 50 percent.
Merger Details
After the acquisition, both NNPC Retail Ltd and OVH became subsidiaries of NNPC Ltd. Professional advice led to the decision to merge NNPC Retail Ltd into OVH while keeping the NNPC Retail Ltd name for the merged entity. “The merger process has begun, and the renaming to NNPC Retail Ltd is currently underway,” he stated.
Dismissal of Stake Claims
Soneye dismissed claims that Wale Tinubu or the President have any stake in the OVH acquisition. He said the former Vice President should understand that effective leadership is judged by financial metrics, not superficial concerns.
Growth and Goals
In conclusion, Soneye highlighted that under Mr. Mele Kyari’s leadership, NNPC Ltd has experienced significant growth. The 2023 Audited Financial Statement reported a profit after tax of N3.3 trillion. He reiterated that NNPC Ltd operates as a commercial entity free from political interests, focusing on national interests and value creation for stakeholders while resisting attempts to involve its management in politics.
