TINUBU HAS NO INTEREST IN OVH ACQUISITION- NNPC
Key Points:
1. Accusation by Atiku:
- Atiku Abubakar, the former Vice President, accused corporate groups close to President Bola Tinubu of taking control of the Nigerian National Petroleum Company (NNPC).
- He claimed that Wale Tinubu, the CEO of Oando Plc (a major oil company in Nigeria), and President Tinubu were involved in the acquisition of OVH, a fuel retail company, by the NNPC.
2. NNPC's Response:
- The NNPC strongly denied these allegations, stating that neither President Tinubu nor Wale Tinubu has any stake or interest in OVH.
- NNPC clarified that Oando Plc had already sold its stake in OVH to other partners (Vitol and Helios) before the NNPC acquired OVH in 2022.
3. Details of the Acquisition:
- NNPC explained that their decision to acquire OVH was based on business considerations and the best interests of the nation.
- After acquiring OVH, NNPC merged it with NNPC Retail Ltd, making OVH a part of NNPC.
4. Performance of NNPC:
- The NNPC emphasized its success under the leadership of Mele Kyari, noting that the company had made a profit of N3.3 trillion after tax in 2023.
- The company reiterated that its operations are purely commercial and free from political interference.
Context:
- Atiku’s Allegations: Atiku seems to be suggesting that there’s a conflict of interest or potential corruption in the deal, implying that it was done to benefit those close to President Tinubu.
- NNPC's Clarification: The NNPC is trying to clear the air by providing details about the business transaction and reassuring the public that it was done transparently and in the best interest of the nation.
Conclusion:
The NNPC is distancing itself from political controversies, stating that its decisions are driven by commercial and national interests, not by any affiliations with political figures. They are also defending the company's financial health and growth under its current management.
Key Points:
1. Accusation by Atiku:
- Atiku Abubakar, the former Vice President, accused corporate groups close to President Bola Tinubu of taking control of the Nigerian National Petroleum Company (NNPC).
- He claimed that Wale Tinubu, the CEO of Oando Plc (a major oil company in Nigeria), and President Tinubu were involved in the acquisition of OVH, a fuel retail company, by the NNPC.
2. NNPC's Response:
- The NNPC strongly denied these allegations, stating that neither President Tinubu nor Wale Tinubu has any stake or interest in OVH.
- NNPC clarified that Oando Plc had already sold its stake in OVH to other partners (Vitol and Helios) before the NNPC acquired OVH in 2022.
3. Details of the Acquisition:
- NNPC explained that their decision to acquire OVH was based on business considerations and the best interests of the nation.
- After acquiring OVH, NNPC merged it with NNPC Retail Ltd, making OVH a part of NNPC.
4. Performance of NNPC:
- The NNPC emphasized its success under the leadership of Mele Kyari, noting that the company had made a profit of N3.3 trillion after tax in 2023.
- The company reiterated that its operations are purely commercial and free from political interference.
Context:
- Atiku’s Allegations: Atiku seems to be suggesting that there’s a conflict of interest or potential corruption in the deal, implying that it was done to benefit those close to President Tinubu.
- NNPC's Clarification: The NNPC is trying to clear the air by providing details about the business transaction and reassuring the public that it was done transparently and in the best interest of the nation.
Conclusion:
The NNPC is distancing itself from political controversies, stating that its decisions are driven by commercial and national interests, not by any affiliations with political figures. They are also defending the company's financial health and growth under its current management.