The Nigerian National Petroleum Company Limited (NNPCL) has dismissed claims by former Nigerian President, Atiku Abubakar, that the company allegedly sold its Retail Subsidiary to OVH, owned by President Bola Tinubu’s nephew, Wale Tinubu.
NNPCL’s spokesperson, Olufemi Soneye, made this
clarification on Thursday in response to Atiku’s claim.
Recall that Atiku, in a recent statement through his
spokesman, Paul Ibe, lamented “the criminal hijack of the NNPC by corporate
cabals around the current President.”
Atiku also claimed that the retention of Mr. Mele Kyari as
the Group Chief Executive Officer of NNPC Ltd. was compensation for the alleged
acquisition of NNPC Retail Ltd. by OVH, in which he asserted that Mr. Wale
Tinubu held a 49 percent stake.
He further alleged that the NNPC Retail Ltd.-OVH acquisition
deal was part of a grand scheme by President Tinubu to integrate his business
interests into Nigeria’s public enterprises at the federal level.
However, NNPCL debunked all the claims made by Atiku.
According to NNPCL, contrary to the false alarm raised by
Atiku, neither Wale Tinubu nor President Tinubu has any interest in the OVH
acquisition.
The company insisted that, as a commercial entity, it is
devoid of political interests and will continue to conduct its business with
full commitment to national interest and value creation for the benefit of all
stakeholders.
NNPCL vowed to resist any attempt to draw its board and
management into partisan politics.
“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 based on commercial viability and national interest,” the company
stated.
It further explained that “At the time NNPC Ltd. acquired
OVH in 2022, Oando (in which Mr. Wale Tinubu has an equity interest) had fully
divested its equity in OVH to other partners – Vitol and Helios. Oando 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
the 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.
“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,” it stated.
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