Denial of Political Influence in Corporate Decisions
The Nigerian National Petroleum Company Limited (NNPCL) has officially denied claims linking President Bola Tinubu to the OVH Energy acquisition. NNPC stated that the acquisition of NNPC Retail by OVH Energy was not influenced by political figures. Olufemi Soneye, NNPC’s Chief Corporate Communication Officer, confirmed that all investment decisions prioritize commercial viability and national interest. This clarification reaffirms NNPC’s commitment to transparency and accountability in its operations.
Clarification Amidst Political Accusations
This statement addresses allegations from Atiku Abubakar, the 2023 PDP Presidential candidate, implicating President Tinubu and his nephew in dubious practices at OVH Energy. Atiku accused both Tinubus of questionable involvement in the OVH Energy acquisition. NNPC refuted these allegations, noting that at the time of OVH’s acquisition in 2022, Oando had already divested its interests. Oando, partially owned by Wale Tinubu, had fully exited OVH, leaving no stakes behind at the acquisition.
Historical Context of the Transaction
Oando began divesting its shares in OVH to Vitol and Helios in a phased approach starting in 2016. By 2019, Oando had fully divested, leaving Vitol and Helios each with equal shares. This change in ownership occurred well before the acquisition Atiku mentioned..
The Need for Transparent Investigations
Given the controversy and the complex history of transactions, there are calls for a thorough investigation to ensure transparency and accountability within NNPC’s dealings. Such scrutiny is crucial to maintaining public trust in the operations of one of the nation’s most significant corporate entities.
Media and Public Response
The situation has triggered widespread media coverage and public debate, underscoring the delicate nature of managing national resources. Extensive discussions highlight the sensitivity and high stakes of these large-scale corporate transactions. Stakeholders and citizens alike are deeply invested in the outcomes of such deals. The public’s concern reflects the profound implications these transactions have on national welfare. The extensive coverage helps ensure transparency and accountability in these significant corporate dealings.
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