The Nigerian National Petroleum Company Limited (NNPCL), has strongly refuted claims that President Bola Timubu interest in the acquisition of OVH Energy Marketing Limited.
Chief Corporate Communications Officer of tbe NNPCL Olufemi Soneye in a statement explained that contrary to false claims by former Vice President Atiku Abubakar and other persons, both President Tinubu and Wale Tinubu have interest in the acquisition of the energy firm.
The claims raised an alarm that Oando Plc and its CEO, Wale Tinubu, holds a 49 percent stake in the acquisition deal involving NNPCL retail subsidiary and OVH Energy.
According to Soneye “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 noted.
“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.
The NNPCL further explained that “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,” the NNPCL stressed.
