The Nigerian National Petroleum Company (NNPC) Limited has countered allegations that its subsidiary, OVH Limited, has been hijacked by cabals linked to President Bola Tinubu.
Thank you for reading this post, don't forget to subscribe!Former Vice President Atiku Abubakar, through a statement by his media adviser Paul Ibe, accused corporate cabals around President Tinubu of taking over the NNPC, alleging that Mele Kyari’s continued role as Group Chief Executive Officer of NNPC Ltd is a reward for OVH’s acquisition of NNPC Retail Ltd., in which Wale Tinubu allegedly holds a 49% stake.
Atiku further claimed this acquisition was part of a scheme by President Tinubu to incorporate his personal business interests into national enterprises.
NNPC Ltd, however, denied these claims. Olufemi Soneye, Chief Corporate Communications Officer, clarified that neither President Tinubu nor Wale Tinubu holds any stake in OVH Limited. He emphasized that NNPC operates as a profit-driven, commercially-focused entity managed by professionals, highlighting the N3.3 trillion profit reported in the 2023 Audited Financial Statement as evidence of the company’s sound management and transparency.
NNPC further explained that Wale Tinubu’s firm, Oando, divested its interests in OVH to other partners, Vitol and Helios, between 2016 and 2019. These transactions led to Oando’s exit from OVH, countering Atiku’s claims of ongoing involvement. NNPC Ltd’s acquisition of OVH in 2022 resulted in both NNPC Retail Ltd. and OVH becoming its subsidiaries. Based on strategic advice, NNPC merged NNPC Retail Ltd. into OVH, with a post-merger rebranding underway.
NNPC Ltd assured Nigerians of its commitment to resisting political interference, maintaining that its operations will continue to be driven by national interest and value creation for all stakeholders.
