Tinubu Has No Interest in OVH Acquisition – NNPC

The Nigerian National Petroleum Company Limited (NNPC) has categorically denied allegations that President Bola Tinubu or Wale Tinubu of Oando Plc has any interest in the acquisition of OVH by NNPC.

This clarification was made by NNPC spokesperson Olufemi Soneye in a statement released to address the misinformation.

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Soneye explained that investment decisions made by NNPC management are strictly determined based on commercial viability and national interest. He emphasized that Wale Tinubu’s company, Oando, had fully divested its equity in OVH in 2019, contrary to claims made by former Vice President Atiku Abubakar’s Media Adviser, Paul Ibe.

Ibe had alleged that the retention of Mele Kyari as the Group Chief Executive Officer of NNPC was a compensation for the acquisition of NNPC Retail Ltd by OVH, in which Wale Tinubu allegedly holds a 49% stake. However, Soneye clarified that Oando began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the name change from Oando to OVH.

In 2019, Oando fully divested its equity interest in OVH, resulting in Vitol and Helios holding 50% equity interests respectively. Soneye explained that upon acquisition of OVH by NNPC, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH and retain NNPC Retail Limited as the company name post-merger.

Soneye emphasized that neither Wale Tinubu nor President Tinubu has any interest in the OVH acquisition. He added that Atiku, as a businessman, should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.

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The NNPC management, under the leadership of Mele Kyari, has done very well in growing the company’s fortunes, as shown in the 2023 Audited Financial Statement, where it reported N3.3 trillion as profit after tax.

Soneye concluded that NNPC Ltd is a commercial entity that operates independently of political interests and will continue to prioritize national interest and value creation for stakeholders.