Former Vice President Atiku Abubakar is demanding transparency from the Federal Government on the controversial and rapid approval of Oando’s acquisition of AGIP and Eni’s onshore assets. The acquisition, according to Abubakar, raises red flags as Oando is reportedly linked to a close relative of President Bola Tinubu.
The heart of the controversy lies in the fact that while Oando’s $783 million deal with Italian oil giant Eni sailed through regulatory hurdles with lightning speed, similar transactions involving major players like Shell/Renaissance and Mobil/Seplat have been languishing in delays for years. Abubakar, in a statement issued by his special assistant, Phrank Shaibu, accused the government of playing favorites, alleging that Oando received “undue and preferential treatment” at the expense of more competent investors.
The former vice president did not hold back in criticizing the broader state of affairs in Nigeria’s oil and gas sector. He condemned the House of Representatives for allegedly turning a blind eye to the Nigerian National Petroleum Company (NNPC) Limited’s actions, which he claims have mortgaged the nation’s vital oil assets to special interests.
Read also: Tinubu’s bold reforms reshaping Nigeria’s economy – says Finance Minister
Atiku highlighted the suspicious timing, noting that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved Oando’s deal within just eight months. In the same period, Nigeria withdrew all litigation against Shell and Eni in the notorious OPL 245 scandal, leading many to question the government’s motivations.
Adding fuel to the fire, Abubakar pointed out that attempts by Seplat to acquire Mobil’s onshore assets have been stalled for three years, with the final decision still pending on President Tinubu’s desk. The contrast with Oando’s swift approval, he argues, is too stark to ignore.
Abubakar also took aim at President Tinubu’s economic policies, particularly the controversial fuel subsidy regime. Citing recent financial statements from the NNPC, he accused the administration of misleading the public about the true state of subsidy payments. The IMF estimates that Nigeria’s subsidy payments this year will constitute a staggering 3% of GDP, roughly $7.5 billion or N11.8 trillion.
The former vice president warned that the ongoing fuel scarcity and the government’s frustrating handling of key refinery projects, including the Dangote Refinery, are signs of deeper issues. He expressed concern that the subsidy regime is being exploited as a “conduit pipe” for siphoning funds ahead of the 2027 elections.
In a further revelation, Abubakar accused the NNPC of ignoring a directive from the House of Representatives to suspend its acquisition of OVH Energy’s assets pending an investigation. He alleges that the NNPC has mortgaged Nigeria’s future by transferring ownership and properties in its retail arm to OVH, despite a pending investigation.
