The Nigerian National Petroleum Company (NNPC) Limited has said investment decisions by its management are based on national interest and strictly determined on the basis of commercial viability.
This is just s it noted that President Bola Tinubu and Wale Tinubu, chief executive officer (CEO) of Oando, do not have any interest in the OVH Energy acquisition.
Former vice-president, Atiku Abubakar, hd alleged that OVH Energy — previously owned by the national oil firm, had acquired NNPC retail.
“This absurd situation means that Wale Tinubu’s Oando now owns 49% of NNPC retail,” Atiku had said.
He also decried the growing lack of transparency in the state-owned oil company, adding that the NNPC has been hijacked by “corporate cabals” around Tinubu.
However, the NNPC in a statement said “Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition,” the statement reads.
“We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.”
According to the state-owned oil form, at the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios.
The NNPC said Oando started its divestment in 2016, with Vitol and Helios coming in as equity partners — leading to the change of name from Oando to OVH.
In 2019, according to the company, Oando fully divested its equity interest in OVH resulting in Vitol and Helios “holding 50% equity interests respectively”.
“Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd,” the statement further read.
“However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company post-merger.”
The statement said the initial step of merging NNPC Retail into OVH has been completed and the “post-merger renaming as NNPC Retail Ltd” is ongoing.
The company said it would resist any attempt to “draw its board and management into partisan politics.”
