Home NEWS NNPCL Describes Atiku’s Allegation Of OVH Acquisition With Wale Tinubu Holding 49%...

NNPCL Describes Atiku’s Allegation Of OVH Acquisition With Wale Tinubu Holding 49% Stake As “Pedestrian”

Atiku Abubakar

The Nigerian National Petroleum Company Limited has described allegation by the former Nigeria’s Vice President, Atiku Abubakar that Mr. Wale Tinubu held 49 percent stake in the alleged acquisition of NNPC Retail Ltd as “pedestrian.”
“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.
“As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.”
In a statement today, August 22, debunking Atiku’s allegation via his spokesperson, Paul Ibe to the point of lamenting “the criminal hijack of the NNPC by corporate cabals around the current President,” the NNPCL spokesperson, Olufemi Soneye reminded Atiku that NNPCL is a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.
Soneye stressed that 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. Oando actually began 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, 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. 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 name post-merger.
“The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.
Atiku had alleged that Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Wale Tinubu held 49% stake.
Atiku further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
However, Soneye stressed that management of NNPC Ltd, under the leadership of 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 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.
“NNPC Ltd shall resist any attempt to draw its Board and Management into partisan politics.”

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