Wale Tinubu, President Tinubu Don’t Have Interest In Our Merger – NNPC To Atiku

Business The Nigeria National Petroleum Company Limited (NNPCL) has said President Bola Tinubu and his son, Wale Tinubu, do not have interest in the acquisition deal of NNPC Retail Limited by OVH.

NNPC said the acquisition of NNPC Retail Limited by Wale Tinubu’s OVH was done for business purposes and not to please the President.

Nigeria’s oil company stated this in a statement, on Thursday, while responding to allegations by former vice president, Atiku Abubakar, that the President is transforming Nigeria into a personal enterprise for him, his family and friends.

Atiku further accused President Tinubu of hijacking NNPC through the acquisition of NNPC Retail by OVH, owned by his son Wale Tinubu.

The former vice president added that the retaining of the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, was compensation for the success of the acquisition.

In the statement signed by Chief Corporate Communications Officer, Olufemi Soneye, NNPCL said: “We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.

“Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.

“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 other partners – Vitol and Helios. Oando actually began 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, 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. 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 name post-merger.”

The statement added: “The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.

“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.

“As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.

“The management of NNPC Ltd., under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.

“NNPC Ltd. as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd. shall resist any attempt to draw its Board and Management into partisan politics.”