The Nigerian National Petroleum Company (NNPC) Limited has strongly refuted allegations made by a former Vice President, Atiku Abubakar who claimed that corporate cabals have “hijacked” the NNPC under the current administration. The ex-VP also accused President Bola Ahmed Tinubu of integrating personal business interests into Nigeria’s public enterprises, particularly through the retention of Mr Mele Kyari as the Group Chief Executive Officer (GCEO) of NNPC Ltd.
In a detailed press statement, NNPC dismissed these claims as baseless, asserting that the company operates as a commercially focused, profit-driven entity managed by professionals dedicated to adding value to the nation.
NNPC emphasized that all investment decisions made by the company are strictly based on commercial viability and the national interest, not on personal or political considerations.
Addressing the allegations regarding the acquisition of OVH by NNPC, the company clarified that Oando, in which Mr Wale Tinubu held equity, had fully divested its stake in OVH as far back as 2019. Oando began divesting in 2016, with Vitol and Helios eventually holding 50% equity each in OVH. By the time NNPC Ltd. acquired OVH in 2022, Oando had no stake in the company.
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The statement added that, upon acquiring OVH, NNPC Ltd. opted to merge NNPC Retail Limited into OVH based on professional advice and sound commercial reasoning. The company is currently in the process of renaming the merged entity as NNPC Retail Ltd., contrary to claims by Atiku.
NNPC also denied that either President Tinubu or Mr. Wale Tinubu has any interest in the OVH acquisition. The company stressed that these assertions are false and misleading.
Highlighting the success under Kyari’s leadership, NNPC pointed to its 2023 Audited Financial Statement, which reported a profit after tax of N3.3 trillion, as evidence of the company’s effective management and commercial success.
NNPC reiterated that it operates as a purely commercial entity, devoid of political influence, and remains committed to upholding national interests in all its dealings. The company also emphasized that business effectiveness should be measured by tangible financial performance rather than unsubstantiated claims.
