Tinubu has little interest in OVH acquisition – NNPC



Tinubu has little interest in OVH acquisition – NNPC

The Nigerian Nationwide Petroleum Corporate Restricted says neither President Bola Tinubu nor Mr Wale Tinubu of Oando Plc has an pastime within the acquisition of OVH by way of NNPC.

NNPC, in a observation by way of its spokesperson, Olufemi Soneye, was once reacting to a loose signed by way of the Media Aider to former Vice President Atiku Abubakar, Paul Ibe

Within the observation, Atiku was once quoted to have lamented “the criminal hijack of the NNPC by corporate cabals” round President Tinubu.

He was once additionally quoted to have indexed the retention of Mr Mele Kyari because the Team Government Officer of the NNPC as reimbursement for the alleged acquisition of NNPC Retail Ltd by way of OVH during which he claimed Wale Tinubu holds a 49 in keeping with cent stake.

Atiku additional alleged that the NNPC Retail Ltd—OVH acquisition offer was once a part of a lavish scheme by way of the President to combine his industry pursuits into Nigeria’s crowd enterprises on the federal degree.

Reacting, Soneye mentioned funding selections by way of the NNPC control are strictly progressive in keeping with industrial viability and nationwide pastime.

In step with him, on the pace the NNPC got OVH in 2022, Oando, during which Wale Tinubu has an fairness pastime, had absolutely divested its fairness in OVH to the 2 alternative companions – Vitol and Helios.

“Oando started its divestment in 2016, with Vitol and Helios coming in as fairness companions, to the title alternate from Oando to OVH. In 2019, Oando absolutely divested its fairness pastime in OVH, for the purpose of Vitol and Helios maintaining 50 in keeping with cent fairness pursuits respectively.

“Upon acquisition of OVH by way of NNPC, each NNPC Retail Ltd and OVH successfully become subsidiaries of NNPC Ltd. On the other hand, in keeping with skilled recommendation and tone industrial concerns, NNPC Ltd decided to merge NNPC Retail Restricted into OVH, and thereafter book NNPC Retail Restricted as the corporate title 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,” he defined.

Soneye defined that “contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.”

He added that Atiku, as a businessman, will have to know that effectiveness in industry management is absolute best deliberate by way of steadiness sheets and base traces in lieu than pedestrian concerns.

“The control of NNPC Ltd, beneath the management of Mr Mele Kyari, has finished rather well in rising the corporate’s fortunes as proven within the 2023 Audited Monetary Observation, the place it reported N3.3tn as benefit nearest 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,” he concluded.

The PUNCH reviews that the NNPC paid $325m to obtain OVH.

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