The Nigerian National Petroleum Company Limited (NNPC) has strongly refuted allegations by former Vice President Atiku Abubakar, who claimed that the acquisition of OVH by NNPC Retail Ltd. was influenced by political interests tied to President Bola Tinubu.
Atiku had accused NNPC of being “criminally hijacked” by corporate entities linked to Tinubu, alleging that the retention of Mr. Mele Kyari as Group Chief Executive Officer was part of a scheme to integrate Tinubu’s personal business interests into federal enterprises, particularly through the OVH deal.
In a press statement on Thursday, NNPC categorically denied these claims, emphasizing that the acquisition was based solely on commercial viability, free from any political influence.
The statement clarified that Oando, a company where Wale Tinubu holds equity, had fully divested from OVH by 2019, long before NNPC’s acquisition in 2022.
The NNPC’s statement read, “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 explained that Oando began its divestment in 2016 and had no remaining equity in OVH by 2019.
NNPC also underscored its commitment to corporate governance, distancing itself from any alleged political ties.
“We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation,” the statement asserted.
Implying that Atiku’s accusations were more politically motivated than based on business facts, NNPC said, “Effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.”
Highlighting its financial success, NNPC pointed to its 2023 Audited Financial Statement, which reported a profit after tax of N3.3 trillion, as evidence of its operational efficiency.
The NNPC concluded by reaffirming its non-political stance, emphasizing its commitment to national interest and value creation.
“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,” the statement declared.
