Separating the Wheat from the Chaff: NNPCL states the facts in OVH Acquisition

The attention of NNPC Limited has been drawn to a Press Release signed by Paul Ibe, a Media Adviser to the former Vice President, Atiku Abubakar.

In the Statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPCL by Corporate Cabals around the current President".

He was also quoted to have listed the retention of Mele Kyari as the Group Chief Executive Officer of NNPC Limited as a compensation for the alleged acquisition of NNPC Retail Limited by OVH in which he claimed Wale Tinubu held 49% Stake.

He further alleged that the NNPC Retail Limited—OVH Acquisition Deal was part of a grand Scheme by President Bola Tinubu to integrate his Personal Business Interests into Nigeria’s Public Enterprises at the Federal Level. 

NNPC Limited wishes to set the records straight with the following facts:

1. We are a Commercially-focused and Profit-Driven Company managed by Professionals who are committed to adding Value to the Nation.

2. Investment Decisions by NNPC Limited Management are strictly determined on the basis of Commercial Viability and National Interest.

3. At the time NNPC Limited acquired OVH in 2022, Oando (in which 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.

4.Upon acquisition of OVH by NNPC Limited, both NNPC Retail Limited and OVH effectively became Subsidiaries of NNPC Limited. However, based on Professional Advice and sound Commercial considerations, NNPC Limited opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the Company's Name Post-Merger.

5. The first step of merging NNPC Retail Limited into OVH has been completed and the Post-Merger renaming as NNPC Retail Limited is ongoing.

6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any Interest in the OVH Acquisition.

7. 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. 

8. The Management of NNPC Limited, under the Leadership of Mele Kyari, has done very well in growing the Company’s Fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3trn as Profit after Tax.

9. NNPC Limited 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 Limited shall resist any attempt to draw its Board and Management into Partisan Politics.

Credit NNPCL PR