Former Vice President of Nigeria, Atiku Abubakar, has called on the Federal Government to explain why Oando Plc, owned by President Bola Tinubu’s nephew, received accelerated approval to acquire the onshore assets of AGIP and ENI. This comes while other transactions, such as the Shell/Renaissance deal and the Mobil/Seplat deal, continue to face delays.
Atiku Abubakar also criticised the Tinubu administration for what he described as a sham subsidy regime. He pointed to the financial statement recently released by the Nigerian National Petroleum Company Limited (NNPCL), which revealed that the Nigerian government owes N7.8 trillion to the national oil company.
“Tinubu visited the FMDQ in New York, visited Qatar, visited France where he told lies about removing 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. The NNPCL admits that N7.8tn is owed to the national oil company by the Nigerian government,” Atiku stated.
He further highlighted the International Monetary Fund’s (IMF) estimate that subsidy payments this year will constitute 3% of GDP, amounting to approximately $7.5 billion (N11.8 trillion). Despite these payments, petrol scarcity persists, and the Tinubu administration continues to frustrate the Dangote Refinery and its own NNPCL facilities. “Obviously, the subsidy regime has become an even wider conduit pipe through which monies for funding the 2027 election will come from,” Atiku added.
The former Vice President reiterated his allegation that Oando is receiving undue preferential treatment in the oil and gas sector, to the detriment of more competent investors. He also criticised the House of Representatives for failing to take proper action against the NNPCL, which he claims has mortgaged the country’s national oil assets to vested interests.
“Within just eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved a deal which saw the divestment of ENI/AGIP onshore assets to Oando. Within that same period, Nigeria controversially withdrew all litigation against Shell/ENI in the OPL 245 scandal in what has been described as a quid pro quo,” Atiku said.
He continued, “However, the attempt by SEPLAT to buy Mobil’s onshore assets has continued to stall for the last three years even as the consent letter remains on Tinubu’s table. The deal between Renaissance and Shell continues to stall. In fact, the only deal that has fully scaled through so far is the one involving Oando. We now know why it got accelerated approval.”
Atiku also expressed his concerns about the state of democracy in Nigeria, stating, “Ideally, democracy ought to be government of the people, for the people, and by the people. But democracy in Nigeria has become the government of Tinubu, by Tinubu, and for Tinubu and his family members.”
In July 2023, the House of Representatives, following a motion moved by Miriam Onuoha, directed NNPC Ltd. to suspend the acquisition of OVH assets pending an investigation by its committee. The committee requested detailed information from NNPC Ltd. regarding the acquisition, but NNPC Ltd. proceeded with the transfer of ownership and properties in its retail arm to OVH.
Atiku concluded by demanding the release of detained whistleblower Bristol Tamunobiefiri, who he claims has been unjustly held for exposing corruption within the NNPC.
