The Nigerian National Petroleum Company Limited (NNPC) has officially clarified that neither President Bola Tinubu nor Mr. Wale Tinubu, the CEO of Oando Plc, holds any interest in the recent acquisition of OVH by NNPC.
In a statement released by NNPC spokesperson Olufemi Soneye, the company responded to comments made by former Vice President Atiku Abubakar, who criticized what he termed “the criminal hijack of the NNPC by corporate cabals” surrounding President Tinubu. Atiku had also suggested that the retention of Mr. Mele Kyari as Group Chief Executive Officer of NNPC was due to the alleged acquisition of NNPC Retail Ltd by OVH, claiming that Mr. Wale Tinubu owned a 49 percent stake in the new entity.
Atiku further accused the NNPC of being part of a larger scheme orchestrated by the President to merge his business interests with Nigeria’s public enterprises.
In response, Soneye emphasized that investment decisions at NNPC are guided strictly by commercial viability and national interest. He noted that when NNPC acquired OVH in 2022, Oando had already fully divested its equity interest in OVH to partners Vitol and Helios. This divestment process began in 2016 and was completed in 2019, resulting in Vitol and Helios each holding 50 percent equity interests in OVH.
Upon the acquisition, both NNPC Retail Ltd and OVH became subsidiaries of NNPC Ltd. Following sound commercial advice, NNPC Ltd decided to merge NNPC Retail Limited into OVH, maintaining the NNPC Retail Limited name post-merger. The initial phase of this merger has been completed, with the rebranding process currently underway.
Soneye firmly stated, “Contrary to the false claims made, neither Wale Tinubu nor the President has any stake in the OVH acquisition.” He also remarked that, as a businessman, Atiku should understand that effective business leadership is evaluated by financial performance rather than baseless allegations.
He concluded by highlighting the successful management of NNPC Ltd under Mr. Mele Kyari, pointing to the company’s 2023 Audited Financial Statement that revealed a profit after tax of N3.3 trillion. Soneye reaffirmed that NNPC Ltd operates independently of political influences and is committed to national interests and stakeholder value creation, while resisting any attempts to involve its management in partisan politics.
NNPC’s acquisition of OVH was finalized at a cost of $325 million.
