The Nigerian National Petroleum Company Limited says neither President Bola Tinubu nor Mr Wale Tinubu of Oando Plc has an curiosity within the acquisition of OVH by NNPC.
NNPC, in an announcement by its spokesperson, Olufemi Soneye, was reacting to a launch signed by the Media Adviser to former Vice President Atiku Abubakar, Paul Ibe
In the assertion, Atiku was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals” round President Tinubu.
He was additionally quoted to have listed the retention of Mr Mele Kyari because the Group Chief Executive Officer of the NNPC as compensation for the alleged acquisition of NNPC Retail Ltd by OVH wherein he claimed Wale Tinubu holds a 49 per cent stake.
Atiku additional alleged that the NNPC Retail Ltd—OVH acquisition deal was a part of a grand scheme by the President to combine his enterprise pursuits into Nigeria’s public enterprises on the federal stage.
Reacting, Soneye stated funding selections by the NNPC administration are strictly decided primarily based on industrial viability and nationwide curiosity.
According to him, on the time the NNPC acquired OVH in 2022, Oando, wherein Wale Tinubu has an fairness curiosity, had absolutely divested its fairness in OVH to the 2 different companions – Vitol and Helios.
“Oando started its divestment in 2016, with Vitol and Helios coming in as fairness companions, resulting in the identify change from Oando to OVH. In 2019, Oando absolutely divested its fairness curiosity in OVH, leading to Vitol and Helios holding 50 per cent fairness pursuits respectively.
“Upon acquisition of OVH by NNPC, each NNPC Retail Ltd and OVH successfully grew to become subsidiaries of NNPC Ltd. However, primarily based on skilled recommendation and sound industrial concerns, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the corporate identify post-merger.
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“The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing,” he defined.
Soneye defined that “contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.”
He added that Atiku, as a businessman, ought to know that effectiveness in enterprise management is finest measured by steadiness sheets and backside strains moderately than pedestrian concerns.
“The administration of NNPC Ltd, underneath the management of Mr Mele Kyari, has performed very effectively in rising the corporate’s fortunes as proven within the 2023 Audited Financial Statement, the place it reported N3.3tn as revenue 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,” he concluded.
The PUNCH reviews that the NNPC paid $325m to accumulate OVH.