President Tinubu and His Nephew Has No Interest In OVH Acquisition – NNPC Counters Atiku

The Nigeria National Petroleum Company Limited (NNPC Ltd) has countered allegations made by former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar.

Atiku had accused President Bola Tinubu of using his influence to benefit his family and friends through the acquisition of NNPC Retail Ltd by OVH Energy, where Wale Tinubu, a relative of the President, allegedly holds a significant stake.

Atiku claimed that the President, through the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd, facilitated the acquisition of NNPC Retail Ltd by OVH, purportedly as part of a scheme to integrate the President’s personal business interests into Nigeria’s federal enterprises.

In a statement titled “OVH Acquisition: The Facts, by NNPC Ltd,” Chief Corporate Communications Officer Mr. Olufemi Soneye refuted Atiku’s claims, describing them as baseless. Soneye clarified that NNPC Ltd operates as a commercially-driven company, making investment decisions based on commercial viability and national interest, without political interference.

Soneye pointed out that at the time of NNPC Ltd’s acquisition of OVH in 2022, Oando, a company where Wale Tinubu had equity interest, had already divested its shares in OVH. Oando’s divestment process began in 2016, eventually leading to Vitol and Helios acquiring 50% equity interests each in OVH by 2019.

Following NNPC Ltd’s acquisition of OVH, both NNPC Retail Ltd and OVH became subsidiaries of NNPC Ltd. However, based on professional advice and commercial considerations, NNPC Ltd decided to merge NNPC Retail Ltd into OVH, retaining the NNPC Retail Ltd name post-merger.

Soneye emphasized that neither Wale Tinubu nor President Bola Tinubu had any interest in the OVH acquisition, directly countering Atiku’s allegations.

Under the leadership of Mr. Mele Kyari, NNPC Ltd has seen significant growth, reporting a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement. Soneye reiterated that NNPC Ltd is committed to operating as a commercial entity devoid of political interests and will continue to prioritize national interest and value creation for all stakeholders.

NNPC Ltd also stated its determination to resist any attempts to draw its board and management into partisan politics.