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NNPC Ltd. Responds to Misleading Claims on OVH Acquisition

NNPC Ltd. has taken note of a recent press release issued by Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar, which contains several allegations concerning the operations and leadership of NNPC Ltd.

The statement attributed to the former Vice President alleges a “criminal hijack of NNPC by corporate cabals” linked to the current President, and claims that the retention of Mr. Mele Kyari as Group Chief Executive Officer of NNPC Ltd. is a result of the supposed acquisition of NNPC Retail Ltd. by OVH, in which Mr. Wale Tinubu allegedly holds a 49% stake. The statement further accuses President Bola Ahmed Tinubu of integrating personal business interests into federal public enterprises.

In response, NNPC Ltd. would like to clarify the following points:

  1. Professional Management and Focus: NNPC Ltd. is a commercially-focused and profit-driven entity managed by professionals committed to adding value to the nation. Our investment decisions are based solely on commercial viability and national interest.
  2. OVH Acquisition Details: At the time of NNPC Ltd.’s acquisition of OVH in 2022, Oando—where Mr. Wale Tinubu has equity interest—had already divested its stake in OVH. This divestment process began in 2016, with Vitol and Helios taking on equity partnership, which led to the rebranding from Oando to OVH. By 2019, Oando had fully exited its equity position, leaving Vitol and Helios each with 50% ownership in OVH.
  3. Subsidiary Merger: Following the acquisition of OVH, both NNPC Retail Ltd. and OVH became subsidiaries of NNPC Ltd. On the advice of professionals and with sound commercial reasoning, NNPC Ltd. decided to merge NNPC Retail Ltd. into OVH, with the post-merger entity retaining the NNPC Retail Ltd. name.
  4. Completion of Merger: The initial stage of merging NNPC Retail Ltd. into OVH is complete, and the renaming process to NNPC Retail Ltd. is currently underway.
  5. No Presidential or Private Interests: The allegations that Mr. Wale Tinubu or President Bola Ahmed Tinubu have interests in the OVH acquisition are completely unfounded.
  6. Business Performance: As a seasoned businessman, the former Vice President should recognize that effective business leadership is best judged by financial performance, not unfounded allegations. Under the leadership of Mr. Mele Kyari, NNPC Ltd. has achieved significant growth, evidenced by the N3.3 trillion profit after tax reported in the 2023 Audited Financial Statement.
  7. Political Neutrality: NNPC Ltd. operates as a commercial entity free from political influences and remains committed to national interest and value creation for all stakeholders. The company will resist any attempts to involve its Board or Management in partisan politics.

NNPC Ltd. remains dedicated to transparency, professionalism, and contributing positively to Nigeria’s economic growth.

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