The Nigerian National Petroleum Company (NNPC) Limited says President Bola Tinubu and Wale Tinubu, chief executive officer (CEO) of Oando, do not have any interest in the OVH Energy acquisition.

The NNPC was, however, silent on the allegation by Atiku Abubakar, former vice-president, that OVH Energy — previously owned by the national oil firm — has now acquired NNPC Retail.

“This absurd situation means that Wale Tinubu’s Oando now owns 49% of NNPC retail,” Atiku had said.

Stressing the growing lack of transparency in the state-owned oil company, the former vice-president also said the NNPC has been hijacked by “corporate cabals” around Tinubu.

Addressing some of the claims in a statement on Thursday, the NNPC said investment decisions by its management are based on national interest.

“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition,” the statement reads.

“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.

“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 two other partners – Vitol and Helios.”

The NNPC said Oando started 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, according to the company, 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,” the statement further reads.

“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 post-merger.”

The statement said the initial step of merging NNPC Retail into OVH has been completed and the “post-merger renaming as NNPC Retail Ltd” is ongoing.

“As a businessman, he said 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 national oil firm said.

“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 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.”

The company also said it would resist any attempt to “draw its board and management into partisan politics”. 

 

The Cable