The Nigerian National Petroleum Company Limited has issued a firm rebuttal to allegations made by former Vice President Atiku Abubakar regarding the acquisition of OVH by NNPC Retail Ltd., categorically denying any political interference in the transaction.
The controversy began when Atiku accused NNPC of being “criminally hijacked” by corporate interests tied to President Bola Tinubu. Atiku alleged that the retention of Mr. Mele Kyari as Group Chief Executive Officer of NNPC Ltd. was part of a broader scheme to integrate Tinubu’s personal business interests into federal enterprises, specifically referencing the OVH acquisition.
However, in a press statement released on Thursday, NNPC refuted these claims, asserting that the acquisition was based purely on commercial viability and was free from political motivations. The statement clarified that Oando, a company in which Wale Tinubu holds equity, had fully divested from OVH by 2019, years before NNPC Ltd.’s acquisition in 2022.
According to the statement, “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 other partners – Vitol and Helios.”
NNPC further clarified that Oando had begun its divestment in 2016, and by 2019, it had no remaining equity in OVH.
This narrative shift from political entanglement to corporate governance was further supported by NNPC Ltd.’s emphasis on its professional management structure. “We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation,” the statement read, distancing the organisation from any allegations of political entanglement.
NNPC then implied that Atiku’s accusations were more politically motivated than grounded in business reality. “Effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations,” the statement said, countering Atiku’s narrative.
The company further highlighted its financial success under the current management, pointing out that it reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement, a clear indication of its operational effectiveness.
The NNPC then reaffirmed its stance as a non-political entity, committed to conducting its affairs with integrity.
“NNPC Ltd. 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,” it stated.
Ozioma Samuel-Ugwuezi
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