NNPCL Debunks Atiku’s Claims, Insists No Political Interests
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims made by former Nigerian President Atiku Abubakar, stating that the company did not sell its Retail Subsidiary to OVH, owned by President Bola Tinubu’s nephew, Wale Tinubu.
NNPCL’s spokesperson, Olufemi Soneye, made this clarification on Thursday in response to Atiku’s claim. Atiku had alleged that the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd. was compensation for the alleged acquisition of NNPC Retail Ltd. by OVH, in which he asserted that Mr. Wale Tinubu held a 49 percent stake.
However, NNPCL debunked all the claims made by Atiku, stating that neither Wale Tinubu nor President Tinubu has any interest in the OVH acquisition. The company emphasized that it is a commercially focused and profit-driven entity, managed by professionals committed to adding value to the nation.
According to NNPCL, the company acquired OVH in 2022, and at the time, Oando (in which Mr. Wale Tinubu has an equity interest) had fully divested its equity in OVH to other partners – Vitol and Helios. Oando began its divestment in 2016, and in 2019, it fully divested its equity interest in OVH, resulting in Vitol and Helios holding 50% equity interests, respectively.
NNPCL also explained that the company 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.
The company vowed to resist any attempt to draw its board and management into partisan politics, stating that investment decisions are strictly determined based on commercial viability and national interest. NNPCL also highlighted the success of its management under the leadership of Mr. Mele Kyari, which has grown the company’s fortunes, as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.
As a businessman, Atiku should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations, NNPCL stated.
