NNPC Denies Tinubu’s Involvement In OVH Acquisition Deal

Nigerian National Petroleum Company Limited (NNPCL) has denied the involvement of President Bola Tinubu in the controversial acquisition deal of NNPC retail by OVH Energy Limited.

This was contained in a press statement released Thursday by NNPC’s Chief Corporate Communication Officer, Olufemi Soneye, stating, “Investment decisions by NNPC management are strictly determined based on commercial viability and national interest.”

Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition,” the statement reads partly.

It will be recalled that Atiku Abubakar, the 2023 Presidential candidate of the Peoples Democratic Party (PDP), had accused Tinubu and his nephew, Wale Tinubu, of what he described as illogical business practices for their control of OVH Energy Limited, a retail arm of the government-owned oil company, NNPC Ltd.

In response to Atiku, NNPC said at the time it acquired OVH in 2022, Oando (in which Wale Tinubu has an equity interest) had fully divested its equity in OVH to the two other partners, Vitol and Helios.

The NNPC explained that Oando began its divestment in 2016, with Vitol and Helios joining as equity partners, leading to the name change from Oando to OVH.

According to NNPC Ltd, Oando fully divested its equity interest in OVH in 2019, resulting in Vitol and Helios holding 50 per cent equity interests, respectively.

The surrounding controversies call for a thorough investigation to uncover the facts about the ongoing shady practices in NNPC’s internal operations.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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