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
Follow us on:
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
Evacuations of 30,000 people are underway in central Japan as heavy rains threaten severe flooding,…
An employee of California's state fire protection agency, known as Cal Fire, has been arrested…
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…
View Comments
IMPORTEDED VEHICLES & DIFFERENT TYPES OF GENERATORS, AUCTION PHONE'S. FOR SALE AT CHEAP AND AFFORDABLE AUCTION PRICE INTERESTED BUYER SHOULD KINDLY CONTACT US ON O8O__6739__9O9O.
BAGS OF RICE AND VEGETABLE OIL FOR SALE IN A CHEAP AND AFFORDABLE PRICE, BUYER SHOULD CONTACT US ON O8O__6739__9O9O.
ARE ALSO AVAILABLE FOR SALES.
SOME OF THE AVAILABLE VEHICLES AND THEIR AUCTION PRICES ARE:
Toyota 4Runner #950,000
Toyota Avalon #900,000
Toyota Avensis #950,000
Toyota Camry tiny light #450,000
Toyota Camry muscle #850,000.
Toyota Camry Big daddy #650,000
Toyota Corolla le #500,000/#850,000. Corolla S, XLE
Toyota FJ Cruiser #1.1M
Toyota Hiace #1.5m
Toyota Highlander #950,000
Toyota Hilux #1.2m
Toyota Matrix #600,000
Toyota Prado #2m
Toyota Rav4 #650,000
Toyota Sequoia #950,000
Toyota picnic #670,000
Toyota Sienna #600,000
Toyota Tacoma #2.7m.
Toyota Tundra #2.5M.
Toyota Venza #1.2M
Toyota Yaris #900,000
Volkswagen Golf 2,3,4 #250,000 /#450,000
Volkswagen Passat #600,000.
Volkswagen Touareg #600,000
Acura MDX #1.3
Acura TL #1M
Acura ZDX #2M
Audi A4 #500,000
Audi A6 #650,000
BMW 3-Series #650,000
BMW 5-Series #980,000
Ford Escape #600,000
Ford Explorer #900,000
Honda Baby Boy #500,000
Honda Accord 03 EOD #860,000
Honda Civic #500,000
Honda Crosstour #1.1M
Honda CR-V #750,000
Hyundai Accent #950,000.
Infiniti FX35 #1M
Infiniti FX45 #1.2M
Land Rover Discovery #3M
Lexus ex 300 #800,000
Lexus Rx330,#900,000
Lexus Rx350,#1.4m
Lexus Rx400, #2m
RANG ROVER SPORT =#2.5M.
Land Rover LR3 #950,000.
MERCEDES BENZ DIFFERENT MODEL.
NOTICE: THE PRICE OF THOSE VEHICLES DEPEND ON THEIR YEAR MODEL.