NNPC Says Tinubu is Not Interested in Acquiring OVH.
The Nigerian National Petroleum Company Limited (NNPC) has asserted that neither President Bola Tinubu nor Mr. Wale Tinubu of Oando Plc has any stake in the acquisition of OVH by NNPC. This statement was made in response to comments from former Vice President Atiku Abubakar’s Media Adviser, Paul Ibe, who had expressed concerns over what he described as the “criminal hijack of the NNPC by corporate cabals” associated with President Tinubu.
In his remarks, Atiku lamented the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC, suggesting that it was a form of compensation linked to the alleged acquisition of NNPC Retail Ltd by OVH, in which he claimed Wale Tinubu holds a 49 percent share. Atiku’s comments implied a broader scheme by the President to intertwine his business interests with Nigeria’s public enterprises at the federal level.
In response, Soneye emphasized that the management of NNPC makes investment decisions strictly based on commercial viability and national interest. He clarified that when NNPC acquired OVH in 2022, Oando had already completely divested its equity in OVH to its partners, Vitol and Helios.
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Oando’s divestment process began in 2016, during which Vitol and Helios joined as equity partners, leading to the rebranding from Oando to OVH. By 2019, Oando had fully divested its equity interest in OVH, resulting in Vitol and Helios each holding a 50 percent stake.
Following the acquisition of OVH by NNPC, both NNPC Retail Ltd and OVH became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd decided to merge NNPC Retail Limited into OVH.
This strategic move was made to streamline operations and enhance the efficiency of the company’s structure. Soneye’s statements aim to clarify any misconceptions regarding the motivations behind the acquisition and the relationships involved.
Overall, NNPC’s position is clear: their investment decisions are rooted in commercial logic and the national interest, distancing themselves from any alleged corporate maneuvers suggested by political figures.
