The Nigerian Nationwide Petroleum Firm Restricted 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
Within the assertion, Atiku was quoted to have lamented “the legal hijack of the NNPC by company cabals” round President Tinubu.
He was additionally quoted to have listed the retention of Mr Mele Kyari because the Group Chief Government Officer of the NNPC as compensation for the alleged acquisition of NNPC Retail Ltd by OVH through which 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 based mostly on business viability and nationwide curiosity.
Based on him, on the time the NNPC acquired OVH in 2022, Oando, through which Wale Tinubu has an fairness curiosity, had totally 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 title change from Oando to OVH. In 2019, Oando totally 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 turned subsidiaries of NNPC Ltd. Nevertheless, based mostly on skilled recommendation and sound business concerns, NNPC Ltd opted to merge NNPC Retail Restricted into OVH, and thereafter retain NNPC Retail Restricted as the corporate title post-merger.
“Step one of merging NNPC Retail Ltd into OVH has been accomplished and the post-merger renaming as NNPC Retail Ltd is ongoing,” he defined.
Soneye defined that “opposite to the false alarm raised, neither Wale Tinubu nor the President has any curiosity within the OVH acquisition.”
He added that Atiku, as a businessman, ought to know that effectiveness in enterprise management is greatest measured by steadiness sheets and backside strains quite than pedestrian concerns.
“The administration of NNPC Ltd, underneath the management of Mr Mele Kyari, has finished very properly in rising the corporate’s fortunes as proven within the 2023 Audited Monetary Assertion, the place it reported N3.3tn as revenue after tax.
“NNPC Ltd as a business entity is devoid of political curiosity and shall proceed to conduct its enterprise filled with dedication to nationwide curiosity and worth creation for the advantage of all stakeholders. NNPC Ltd shall resist any try to attract its board and administration into partisan politics,” he concluded.
The PUNCH stories that the NNPC paid $325m to amass OVH.