Nigerian National Petroleum Corporation tackles Atiku abubakar over allegation of cabals hijack of company
The Nigerian National Petroleum Corporation (NNPC) has tackled former President Atiku Abubakar over a press statement credited to him alleging that there was criminal hijack of the company by cabals around the current President Bola Tinubu.
Penpushing reports that Chief Corporate Communications Officer of the Nigerian National Petroleum Corporation (NNPC), Olufemi Soneye in a statement said contrary to Abubaka’s claim the company is commercially-focused and profit-driven managed by professionals who are committed to adding value to the nation.
The attention of NNPC Ltd has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar. In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President, Soneye wrote.
Penpushing further reports that the company spokesperson explained that investment decisions by management of Nigerian National Petroleum Corporation (NNPC) are strictly determined on the basis of commercial viability and national interest.
The statement faulted Abubakar’s claim on the retention of Mr. Mele Kyari as the Group Chief Executive Officer of the company as a compensation for the alleged acquisition of company Retail Ltd by OVH in which he claimed Wale Tinubu held 49% stake.
Penpushing also reports the corporation dismissed Abubakar the allegation that the company Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
‘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 two 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’, the statement reads.
‘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’, Soneye 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 statement emphasised.
‘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’.
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