NNPC clears air on OVH acquisition
The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly dismissed allegations made by former Vice President Alhaji Atiku Abubakar regarding the company’s operations and leadership.
In a press release signed by the Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd addressed the claims, clarifying the circumstances surrounding its acquisition of OVH and the role of its Group Chief Executive Officer, Mr. Mele Kyari.
Atiku had alleged in a statement issued by his Media Adviser, Paul Ibe, that NNPC Ltd had been “hijacked by corporate cabals around the current President” and further insinuated that the retention of Mr. Mele Kyari as the Group CEO was a reward for what he described as the “criminal acquisition” of NNPC Retail Ltd by OVH, a company in which Atiku claimed Mr. Wale Tinubu held a significant stake.
NNPC Ltd categorically refuted these claims, providing detailed facts to set the record straight. The company emphasized that its operations are driven by commercial viability and national interest, and not by political affiliations or personal interests.
According to the statement, NNPC Ltd acquired OVH in 2022 after Oando, a company in which Wale Tinubu had equity interest, had fully divested from OVH. The divestment process began in 2016, with Oando eventually selling its entire stake to Vitol and Helios, which each held 50% equity in OVH by 2019. Therefore, at the time of NNPC Ltd’s acquisition, neither Wale Tinubu nor the President had any involvement or interest in the transaction.
NNPC Ltd explained that after the acquisition, both NNPC Retail Ltd and OVH became subsidiaries of NNPC Ltd. Based on professional advice and sound commercial considerations, NNPC Ltd decided to merge NNPC Retail Ltd into OVH, retaining the NNPC Retail Ltd name post-merger. This process is currently ongoing, with the first step of the merger already completed.
The company also highlighted its financial success under the leadership of Mr. Mele Kyari, pointing to its 2023 Audited Financial Statement, which reported a profit after tax of N3.3 trillion. NNPC Ltd reiterated its commitment to operating as a commercially-focused and profit-driven entity, free from political influence.
In response to Atiku’s allegations, NNPC Ltd stated that as a seasoned businessman, the former Vice President should understand that effective business leadership is measured by financial performance rather than unfounded claims. The company reaffirmed its dedication to national interest and value creation for all stakeholders and vowed to resist any attempts to drag its management into partisan politics.
