NNPCL Debunks Atiku’s Claims of Hijack, Calls for Clarity on Business Operations
The Nigerian National Petroleum Corporation Limited (NNPCL) has responded to allegations made by former Vice President Atiku Abubakar that the company has been hijacked by “corporate cabals” around President Bola Tinubu. In a statement, NNPCL clarified that its retail division was placed under the management of OVH, a company in which Oando, headed by Wale Tinubu, owns 49 percent. However, the company maintains that neither Wale Tinubu nor the President has any interest in the OVH acquisition.
According to the statement, NNPCL is a commercially-focused and profit-driven company managed by professionals committed to adding value to the nation. Investment decisions are strictly determined on the basis of commercial viability and national interest. The company also explained that Oando fully divested its equity interest in OVH in 2019, resulting in Vitol and Helios holding 50% equity interests respectively.
NNPCL has emphasized that it is a commercially-driven entity devoid of political interest and shall continue to conduct its business with commitment to national interest and value creation for the benefit of all stakeholders. The company has also resisted any attempt to draw its Board and Management into partisan politics.
Atiku’s claim of a grand scheme by President Tinubu to integrate his personal business interests into Nigeria’s public enterprises has been refuted by NNPCL. The company has highlighted its strong financial performance, reporting N3.3 trillion as profit after tax in its 2023 Audited Financial Statement.
In conclusion, NNPCL has called for clarity on business operations, emphasizing that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations. The company is committed to conducting its business in a transparent and responsible manner, free from political interference.