From Adanna Nnamani, Abuja
The Nigerian National Petroleum Company Ltd (NNPCL) has officially countered claims made by Mr. Paul Ibe, Media Adviser to former Vice President Atiku Abubakar, regarding the recent acquisition of OVH.
In a recent press release, Ibe accused NNPC Ltd. of a “criminal hijack” orchestrated by corporate elites linked to the current administration, alleging that the deal was part of a broader scheme to merge personal business interests with Nigeria’s public enterprises.
However, in a statement on Thursday signed by its Spokesperson, Olufemi Soneye, NNPC Ltd. dismissed the allegations while providing clarity on several points.
The company emphasised its commitment to being a commercially-focused entity driven by professional management dedicated to adding national value.
NNPC Ltd. stated that all investment decisions are based on commercial viability and national interest, not political motivations.
The company clarified that when it acquired OVH in 2022, Oando, in which Mr. Wale Tinubu had an equity stake, had already fully divested its interest in OVH.
It explained that Oando’s divestment began in 2016, with Vitol and Helios eventually holding 50% equity each by 2019, adding that NNPC Retail Ltd. was merged into OVH, with NNPC Retail Ltd. being retained as the post-merger name.
Giving an update on current status, it stated that the initial phase of the merger has been completed, and the rebranding to NNPC Retail Ltd. is underway.
NNPC Ltd. stressed that neither Wale Tinubu nor President Tinubu has any stake or influence over 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.
“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 (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,” the statement added.