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The Nigerian National Petroleum Corporation (NNPC) has stated that President Bola Ahmed Tinubu has no interest in the acquisition of OVH Energy.
The Nigerian National Petroleum Company Limited noted that neither President Bola Tinubu nor Mr Wale Tinubu of Oando Plc has any interest in the acquisition of OVH by NNPC.
NNPC, in a statement by its spokesperson, Olufemi Soneye, was reacting to a release signed by the Media Adviser to former Vice President Atiku Abubakar, Paul Ibe
He claimed that the retention of Mr Mele Kyari as the Group Chief Executive Officer of the NNPC was compensation for the alleged acquisition of NNPC Retail Ltd by OVH, in which he claimed Wale Tinubu holds a 49 per cent stake.
Atiku further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by the President to integrate his business interests into Nigeria’s public enterprises at the federal level.
Reacting, Soneye said investment decisions by the NNPC management were strictly determined based on commercial viability and national interest.
He said at the time the NNPC acquired OVH in 2022, Oando, in which Wale Tinubu had an equity interest, had fully divested its equity in OVH to the two other partners – Vitol and Helios.
Soneye said, “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 per cent equity interests respectively.
"NNPC Retail Ltd and OVH have become subsidiaries of NNPC Ltd after the acquisition. NNPC Ltd has decided to merge NNPC Retail Ltd into OVH, and NNPC Retail Ltd will be the company name post-merger.
"The merger process has been completed, and the renaming is ongoing. Contrary to claims, neither Wale Tinubu nor the President has any interest in the OVH acquisition.
"NNPC Ltd, under the leadership of Mr Mele Kyari, has performed well, as shown in the 2023 Audited Financial Statement, where it reported a profit of N3.3tn after tax.
"NNPC Ltd, as a commercial entity, is devoid of political interest and will continue to conduct its business with a commitment to national interest and value creation for all stakeholders, resisting any attempt to draw its board and management into partisan politics."
