In a strongly worded statement, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has categorically denied allegations leveled by former Vice President Atiku Abubakar, asserting that President Bola Ahmed Tinubu and Mr. Wale Tinubu hold a 49% stake in the OVH acquisition deal. The accusations suggest a broader scheme to entwine personal business interests with Nigeria’s public enterprises, a claim that NNPC Ltd. vehemently denies.
NNPC Ltd., now operating as a commercially-focused and profit-driven entity, insists that all its investment decisions are made with a clear focus on commercial viability and national interest, free from any political influence. Managed by professionals committed to adding value to the nation, the company has made it clear that it prioritizes business integrity and financial performance over any unfounded allegations.
NNPC Ltd. emphasised its dedication to upholding its role as a business entity, driven by commercial interests rather than political ties. The company outlined key points in its rebuttal, starting with a clarification on its operational structure and investment decisions. Highlighting its merger with OVH in 2022, NNPC Ltd. explained that the merger involved NNPC Retail Ltd. and OVH becoming subsidiaries of NNPC Ltd. Eventually, NNPC Retail Ltd. was merged into OVH, but the NNPC Retail Ltd. name was retained.
NNPC Ltd. further clarified the timeline of Oando’s divestment from OVH, which began in 2016 and was completed by 2019, well before NNPC Ltd.’s acquisition. At that time, Oando, in which Mr. Wale Tinubu had equity interest, fully divested its stake in OVH to Vitol and Helios, leaving no lingering interests.
The company was quick to dispel any claims of personal or presidential involvement in the OVH deal, stating that neither President Bola Tinubu nor Mr. Wale Tinubu holds any interest in the acquisition. NNPC Ltd. underscored the importance of measuring business leadership by financial performance and the success of operations rather than baseless allegations.
Further in its defence, NNPC Ltd. pointed to its robust financial performance under the leadership of Mr. Mele Kyari. The company reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement, a testament to its effective management and commercial success.
NNPC Ltd. said it remains resolute in its mission to operate as a leading commercial entity, free from political entanglements, with a focus on contributing to Nigeria’s economic growth and stability.
