Atiku Abubakar, former Vice-President of Nigeria, has criticized the Nigerian National Petroleum Company (NNPC) Limited, alleging that it has been taken over by “corporate cabals” connected to President Bola Tinubu.....KINDLY READ THE FULL STORY HERE▶
In a statement released on Wednesday and signed by his media adviser Paul Ibe, Atiku expressed shock at the NNPC’s decision to place its retail division under the management of OVH, a company in which Oando—led by Wale Tinubu—holds a 49 percent stake.
Atiku accused the current administration of undermining his plans to privatize the NNPC and enhance its transparency, describing the situation as “the criminal hijack of the company by corporate cabals around the president.”
He noted that in October 2022, just months before the elections, the NNPC retail division controversially announced it had acquired OVH and its filling stations. Despite already owning around 550 filling stations, the NNPC claimed the acquisition of OVH—which had 94 stations and 100 leased stations—would enhance its capacity.
Atiku criticized the lack of transparency in the acquisition, as the NNPC did not disclose the purchase price or terms, and rejected a freedom of information request from Premium Times. He also questioned why Mele Kyari was retained as NNPC Group Managing Director despite perceived incompetence, and why Tinubu appointed Pius Akinyelure, his former boss at Mobil, as NNPC chairman.
He highlighted that OVH, once owned by NNPC retail, has now acquired NNPC retail, resulting in Oando’s 49% ownership of NNPC retail. Atiku accused Tinubu of facilitating this transaction to benefit his family, stating that Nigeria paid a significant sum for the acquisition.
Atiku expressed skepticism about the ongoing legislative investigation into the NNPC and its leadership, questioning the impartiality of Senator Opeyemi Bamidele, who leads the probe and is known to be a supporter of Tinubu.
He compared Tinubu’s influence at the federal level to his control over Lagos’s public enterprises, alleging that just as companies like Alpha Beta act as proxies in Lagos, Tinubu is extending this practice to the national level.
Atiku warned that Nigeria’s future has been compromised by Tinubu and his associates and that dismantling this influence will be challenging even after Tinubu leaves office.
In October 2022, NNPC announced its acquisition of OVH Energy, which operated Oando-branded retail service stations. The deal was intended to boost the supply and consumption of natural gas by adding OVH’s more than 380 stations in Nigeria and Togo to the NNPC’s portfolio.
However, the transaction has been marred by allegations of irregularities and corruption. Reports claimed OVH only owned 94 stations, with over 100 leased, and that the NNPC’s ownership structure had become complex. Huub Stoksman, a former CEO of OVH Energy, was appointed as managing director of NNPC Retail, further complicating the situation. Although Mele Kyari, NNPC’s Group CEO, denied the allegations, the National Assembly has initiated a probe into the matter, inviting all involved parties for questioning.