By Joke Kujenya
THE NIGERIAN National Petroleum Corporation (NNPC) has refuted recent statements by Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar.
The company notes that the statements have prompted its response.
The press release, issued on August 22, 2024, accuses NNPC of being influenced by corporate cabals and alleges that the appointment of Mele Kyari as Group Chief Executive Officer is linked to a contentious acquisition deal involving OVH and NNPC Retail Ltd.
NNPC Ltd clarifies these allegations with the following points:
NNPC Ltd operates as a profit-driven entity focused on national value creation. All investment decisions are made based on commercial viability and national interests.
In 2022, NNPC Ltd acquired OVH. Contrary to claims, Oando, where Mr. Wale Tinubu once held equity, had fully divested its shares in OVH by 2019.
Oando’s divestment began in 2016, with Vitol and Helios eventually holding 50% equity each.
Following the acquisition, NNPC Ltd merged NNPC Retail Ltd into OVH.
The merger is complete, and the company is now operating under the NNPC Retail Ltd name.
There is no involvement or interest from Wale Tinubu or President Bola Ahmed Tinubu in the OVH deal.
NNPC Ltd’s management, led by Mele Kyari, has demonstrated strong performance, as evidenced by the 2023 financial report showing a N3.3 trillion profit after tax.
NNPC Ltd is committed to maintaining a commercial focus free from political influence.
The company will continue to prioritize national interests and resist attempts to politicize its operations.
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