Following Atiku Abubakar’s call out on NNPCL, the state-owned oil corporation has responded with some explanations on the OVH acquisition.
The Nigerian National Petroleum Company Limited (NNPCL) has issued a statement addressing the allegations made against it former vice president, Atiku Abubakar, on the OVH acquisition.
Earlier in the week, Atiku had issued a press release signed by his media adviser Paul Ibe. In the statement he had lamented the alleged criminal hijacking of the NNPCL by unnamed corporate cabals around the president, expressing fears that President Bola Tinubu was integrating his personal business interests into Nigeria’s public enterprises at the federal level.
Addressing the allegations, NNPCL had issued a statement signed by its chief corporate communications officer, Olufemi Soneye, stating that the corporation is bound to national interest and not individual impulses.
“We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation. Investment decisions by NNPC Ltd management are strictly determined on the basis of commercial viability and national interest,” the statement said and narrated some events on the OVH acquisition from the beginning to its current state.
“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.”
The statement thereafter assured the public that the president and his family had no untoward interest in the acquisition affirming that “contrary to the false alarm raised, neither Wale Tinubu nor the president has any interest in the OVH acquisition.”
The NNPCL further erased all fears of political interest as a factor in choosing the management team and running the company stating that the company has recorded a tremendous growth under the leadership of Myele Kyari.
“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 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.
“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.” the statement concluded.
