NNPC Ltd. has issued a detailed response to recent statements made by Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar. Mr. Ibe’s press release alleged that corporate entities, including NNPC Ltd., had unlawfully leveraged the acquisition of NNPC Retail Ltd. by OVH for personal gain.
He further suggested that the retention of Mr. Mele Kyari as Group Chief Executive Officer was part of a broader scheme to align President Bola Ahmed Tinubu’s business interests with Nigeria’s public enterprises.
In response, Olufemi Soneye, Chief Corporate Communications Officer at NNPC Ltd., emphasized that the company operates with a focus on commercial viability and national interest. He clarified that investment decisions are made based on these principles.
Soneye detailed that at the time NNPC Ltd. acquired OVH in 2022, Oando—where Mr. Wale Tinubu had equity—had already fully divested its shares. Oando’s divestment began in 2016, with Vitol and Helios acquiring its stake by 2019.
Following the acquisition, both NNPC Retail Ltd. and OVH became subsidiaries of NNPC Ltd., with NNPC Retail Ltd. being integrated into OVH. The company will continue under the NNPC Retail Ltd. name. The merger is proceeding as planned, with the renaming process currently underway. Soneye categorically refuted any claims that Wale Tinubu or President Tinubu has interests in the OVH acquisition.
He asserted that effective business leadership should be assessed based on financial performance rather than speculative assertions. Under Mr. Mele Kyari’s leadership, NNPC Ltd. reported a substantial profit of N3.3 trillion in its 2023 Audited Financial Statement. NNPC Ltd. remains dedicated to its commercial goals and is committed to avoiding involvement in partisan politics.
