Atiku further alleged that the ongoing subsidy regime has become a major channel for funding the 2027 election, while Nigerians continue to suffer from fuel scarcity. He also criticized the House of Representatives for not taking decisive action against the NNPCL, which he claims has mortgaged the country’s national oil assets to vested interests.
Former Vice President Atiku Abubakar has raised concerns over what he describes as preferential treatment granted to Oando Plc, a company owned by a relative of President Bola Tinubu, in the oil and gas sector.
Atiku claims that Oando received swift approval for the purchase of onshore assets from AGIP and ENI, while other similar transactions, such as the Shell/Renaissance deal and the Mobil/Seplat transaction, continue to face delays.
In a statement issued by his media aide, Paul Ibe, on Sunday, Atiku accused the Tinubu administration of implementing what he called a “sham subsidy regime” as revealed in the latest financial report from the Nigerian National Petroleum Company Limited (NNPCL).
He criticized President Tinubu’s foreign engagements, including visits to the FMDQ in New York, Qatar, and France, where Tinubu reportedly claimed to have removed petrol subsidies.
“Obviously, this is not a man who is serious about attracting FDI. More worrisome is that he is not even brave enough to admit that subsidy is being paid,” Atiku said, highlighting that NNPCL admitted the government owes N7.8 trillion to the national oil company.
He cited an International Monetary Fund (IMF) estimate that subsidy payments could account for 3% of Nigeria’s GDP this year, amounting to approximately $7.5 billion (N11.8 trillion).
Atiku further alleged that the ongoing subsidy regime has become a major channel for funding the 2027 election, while Nigerians continue to suffer from fuel scarcity. He also criticized the House of Representatives for not taking decisive action against the NNPCL, which he claims has mortgaged the country’s national oil assets to vested interests.
The former Vice President noted that within eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved a deal that allowed Oando to acquire ENI/AGIP’s onshore assets. In contrast, he pointed out that the Shell/Renaissance and Seplat/Mobil deals have been stalled, with the Seplat transaction pending for three years.
The PDP chieftain accused the Tinubu administration of turning democracy into a government for the benefit of Tinubu and his family members, rather than the people of Nigeria.
Last week, REPORT AFRIQUE reported that Oando Plc finalized its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni, a significant move in Oando’s long-term growth strategy.
The deal, valued at $783 million, was described by Oando’s Group Chief Executive, Wale Tinubu, as the culmination of a decade of efforts.
Atiku also recalled that in July 2023, the House of Representatives directed the NNPC to suspend its acquisition of OVH assets pending an investigation. However, he claimed that the NNPC ignored these directives and proceeded with the transfer of ownership and properties in its retail arm to OVH, further compromising the future of Nigerians.
Join our Channel...