NNPC Denies Involvement of President Tinubu and Wale Tinubu in OVH Acquisition
The Nigerian National Petroleum Company Limited (NNPC) has firmly denied any involvement of President Bola Tinubu or Wale Tinubu of Oando Plc in the acquisition of OVH Energy, following accusations of nepotism and corporate manipulation.
In a recent statement issued by NNPC’s spokesperson, Olufemi Soneye, the state oil company dismissed allegations made by Paul Ibe, Media Adviser to former Vice President Atiku Abubakar, which suggested that the NNPC had been “criminally hijacked by corporate cabals” closely linked to President Tinubu.
Atiku had alleged that the retention of Mele Kyari as the Group Chief Executive Officer of NNPC was a form of compensation related to the acquisition of NNPC Retail Ltd by OVH, claiming that Wale Tinubu held a 49 per cent stake in the transaction. He further asserted that this deal was part of a broader strategy by President Tinubu to merge his personal business interests with Nigeria’s federal enterprises.
However, Soneye categorically refuted these claims, stating that all investment decisions by NNPC are driven solely by commercial viability and the national interest. He clarified that at the time of NNPC’s acquisition of OVH in 2022, Wale Tinubu’s company, Oando, had already fully divested its equity stake in OVH. “Oando began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the name change from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH, resulting in Vitol and Helios holding 50 per cent equity interests respectively,” Soneye explained.
Soneye further elaborated on the details of the acquisition, stating, “Upon acquisition of OVH by NNPC, 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.”
Emphasising the transparency of the process, Soneye maintained that “contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.” He suggested that Atiku, as an experienced businessman, should understand that the success of business leadership is best evaluated through financial performance rather than conjecture or unfounded claims.
Soneye also defended the current management of NNPC, led by Mele Kyari, highlighting the company’s recent financial achievements. “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, where it reported N3.3tn as profit after tax,” he noted.
He reiterated that NNPC operates as a commercial entity independent of political influence and is committed to national interest and value creation for its stakeholders. “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,” Soneye concluded.
The statement from NNPC aims to put to rest any speculation of political interference in its operations and to reassure stakeholders of its commitment to transparency and ethical business practices. As the NNPC continues to navigate its role in Nigeria’s economy, its leadership remains focused on achieving financial growth while maintaining integrity and independence from political machinations.
