OVH Acquisition: The Facts, by NNPC Ltd

Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, making a presentation at a conference organised by the Ministry of Finance Incorporated (MOFI) on Public Wealth Management in Abuja… Tuesday.

The attention of NNPC Ltd has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.

In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.

He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49% stake.

He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

NNPC Ltd wishes to set the records straight with the following facts:

1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.

2. Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest.

3. At the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively.

4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.

5. The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.

6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.

7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.

8. The management of NNPC Ltd, under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.

9. 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.

Olufemi O. Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja.
22 August, 2024

Facebook Comments Box
Copyright 2024 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.
 

For Adverts and News/Event Coverage, contact 08061346946, 07030849251. Or email info@royalnews.com.ng

Download ROYAL NEWS app

Html code here! Replace this with any non empty raw html code and that's it.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe

spot_img

Latest News

More like this
Related

Breaking…Kwara govt announces temporary closure of Kwara Express

• Workers get full exit benefits as reforms begin Kwara...

Olomu of Omu-Aran Congratulates Emir of Ilorin on 29th Anniversary

The Olomu of Omu-Aran and Ologbomona of Igbomina land,...

Hijrah Islamic Organisation salutes Emir of Ilorin on 29th coronation anniversary

The leadership of the National Hijrah Islamic Organisation Kwara...

You’re indeed a father to all, Zanna tells Emir Sulu-Gambari at 29 on throne

The Zanna of Ilorin, Engr. Yusuf 'Lanre Sagaya OFR,...

Tinubu may present 2025 budget in December

Signs that presentation of 2025 budget to joint session...

Alhaji Ibrahim Sulu-Gambari: Twenty Nine Years of A Superlative Reign

By Abubakar Imam On Monday, November 11, 2024, His Royal...

NSCDC CG pays condolence visit to Army Headquarters over Lagbaja’s death

The Commandant General of the Nigeria Security and Civil...

Breaking… COAS Taoreed Lagbaja dies at 56

President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces,...

Senate Minority Caucus, C’ttee on Army grief over Lagbaja’s death

Senate Minority Caucus led by Senator Abba Moro (PDP...

Tinubu congratulates Donald Trump on election victory

Nigeria's President, Asiwaju Ahmed Bola Tinubu, has congratulated President...

Edo Governorship: Obaseki resigns from APC

The Edo State Governor, Godwin Obaseki, has announced his...

Oyo Govt Partners UCH to Train Ambulance Medical Team 

The Oyo State Government in collaboration with the University...

Minister denies killing of 97 Nigerians by Cameroon

By Abiemwense Moru The is no evidence that 97 Nigerians...

Lawan dedicates 2019 Zik Award to senators

Senate President, Dr. Ahmad Lawan has said that the...

Jigawa Govt. distributes COVID-19 palliatives to 1,500 PWDs

The Jigawa state government has distributed 7,000 packages of...

EXCLUSIVE…… Kwara PDP stakeholders set to take major decision tomorrow

Members of the Peoples Democratic Party, (PDP) in Kwara...

Cancer Death’ll Rise To About One Million Annually By 2030–WHO

The World Health Organisation (WHO) has said if urgent...

Another shocking death hits Nigerians

Another schocking death has hit Nigeria, throwing the nation...

Ajuri Ngelale’s replacement….Abdulaziz Abdulaziz: The Man For The Job- Nasiru Zango

An open letter to President Bola Ahmed Tinubu Dear Mr....