- Safiu Kehinde
Nigeria National Petroleum Company Limited (NNPCL) has cleared air surrounding alleged involvement of President Tinubu’s nephew and Chief Executive Officer of Oando PLC, Wale Tinubu, in the company’s acquisition of OVH Energy Marketing Limited.
This was contained in a statement issued by the NNPCL’s spokesperson , Olufemi Soneye, on Wednesday following accusation by former Nigerian Vice President, Atiku Abubakar, of the company’s compromise in the OVh deal with Wale Tinubu.
Reacting to the alleged Wale Tinubu’s 49% claim in the deal, NNPCL disregarded the claim, stressing that neither Wale Tinubu nor the President has any interest in the OVH acquisition.
As contained in the statement, OVH’s former partner, Oando (in which Wale Tinubu has equity interest ) had, since 2016, been transferring its equity from OVH to other partners before the acquisition deal between NNPCL and OVH in 2022.
While reinstating that NNPCL is a commerical entity devoid of political interest, the company condemned Atiku’s over his ‘pedestrian considerations’.
The statement read in part, “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 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.”