The Nigerian National Petroleum Company Limited (NNPCL) has clarified that its investment decisions are solely based on commercial viability and the national interest. This statement was issued in response to accusations made by former Vice-President, Alhaji Atiku Abubakar, who claimed that individuals connected to President Bola Tinubu had taken control of the national petroleum company.
Atiku, in a statement through his Media Adviser, Paul Ibe, alleged that just as companies like Alpha Beta and Primero act as proxies for Tinubu in Lagos, generating revenue for him and his family, a similar scenario is unfolding at the federal level. He also expressed concern over the operations of NNPC, particularly how the company had placed its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, holds a 49% stake.
In response, NNPCL, through its Chief Corporate Communications Officer, Olufemi Soneye, dismissed these claims, emphasizing that NNPCL operates as a commercial entity without any political affiliations. The company clarified that neither President Tinubu nor Wale Tinubu has any interest in the OVH acquisition.
Soneye explained that when NNPC Ltd. acquired OVH in 2022, Oando, in which Wale Tinubu has an equity interest, had already fully divested its shares in OVH to other partners, Vitol and Helios. Oando began its divestment in 2016, leading to Vitol and Helios each holding 50% equity interests. This transition also resulted in the rebranding from Oando to OVH. By 2019, Oando had completely divested its interest in OVH.
Soneye further stated that upon acquiring OVH, both NNPC Retail Ltd. and OVH became subsidiaries of NNPC Ltd. Based on professional advice and commercial considerations, NNPC Ltd. decided to merge NNPC Retail Ltd. into OVH, retaining the NNPC Retail Ltd. name post-merger. The initial steps of this merger have been completed, and the process of renaming OVH to NNPC Retail Ltd. is currently underway.
NNPCL reiterated that it operates as a commercially-focused and profit-driven entity, managed by professionals committed to adding value to the nation. The company’s investment decisions are guided strictly by commercial viability and national interest.
Soneye emphasized that as a businessman, the former Vice President should understand that effective business leadership is best measured by balance sheets and bottom lines, rather than baseless accusations. He highlighted that under the leadership of Mr. Mele Kyari, NNPC Ltd. has achieved significant growth, as reflected in the 2023 Audited Financial Statement (AFS), which reported a profit after tax of N3.3 trillion.
NNPCL, as a commercial entity, remains free from political interests and is dedicated to conducting its business with a strong commitment to the national interest and value creation for all stakeholders. The company also made it clear that it would resist any attempts to involve its Board and Management in partisan politics.
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