The Nigerian National Petroleum Company (NNPC) Limited, has clarified that the claim that it’s subsidiary, OVH limited has been hijacked by cabals around President Bola Tinubu was a baseless rumour and figment of imagination of the promoters.
Former Vice President Atiku Abubakar who raised the alarm, earlier, lamented that his intentions to privatize NNPCL and increase its transparency has been by-passed, allegedly explaining it as a “criminal hijack of the company by corporate cabals around the president”. He expressed bewilderment at how the NNPC put its retail division under the management and supervision of OVH which Oando owns about 49 percent and it’s been run by Wale Tinubu.
In response to Atiku’s claims, the Nigeria Petroleum Company Limited NNPCL, has stated that President Bola Ahmed Tinubu and his nephew Wale Tinubu the CEO Oando, have no interest in the OVH Energy possession.
Mr. Olufemi Soneye, Chief Corporate Communications Officer NNPC explained Atiku’s claim as mere false-alarm, maintaining that it is still a profit-driven and commercially focused company that is just been managed by professionals who are dedicated to impacting value to the nation.
The NNPC further buttressed that the investment decision by its management is solely intent on the basis of national interest.
“Prior the statement and false claims of the former Vice president, NNPC Ltd wishes to set the records right, again, neither the President nor Wale has any interest in the OVH acquisition. But as a business-man, the former vice president should know that the effectiveness in business leadership is best measured by balance sheets and bottom lines, rather than pedestrian consideration”.
“NNPCL as a commercial entity, is devoid of political interest and shall continue to hold it’s business in total commitment to the national interest and value for the benefit of our stakeholders. NNPCL resists any urge to draw it’s Management into partisan politics”.
He mentioned that in time past, NNPCL under the leadership of the Chief Executive Officer Mr. Mele Kyari , had done a very good job in growing the company’s wealth and asset as seen in 2023, where it realized the good sum of N3.3 trillion as profit after tax.
“He further went on to explain in his statement that, the first step of merging NNPC Ltd into OVH has been finalized and completed and the post-merger renaming as NNPC Retal Ltd is ongoing”.
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