Atiku: NNPC-OVH deal is a “criminal hijack” by Tinubu’s allies

Former Vice-President Atiku Abubakar has accused President Bola Tinubu and his associates of orchestrating a “criminal hijack” of the Nigerian National Petroleum Company (NNPC) Limited.

In a statement signed by Paul Ibe, Atiku’s media adviser, the politician expressed astonishment at how the NNPC “placed its retail division under the management of OVH, a company in which Oando, headed by Wale Tinubu, owns 49 percent”.

Atiku, through his media adviser Paul Ibe, criticized the recent acquisition of OVH Energy by NNPC, which he claims was an attempt to further entrench corporate interests linked to Tinubu.

Atiku highlighted that NNPC, which already had 550 filling stations, controversially acquired OVH Energy in October 2022, a company with only 94 stations.

He questioned the opacity of the deal, noting that the purchase price and terms were not disclosed, and a freedom of information request was denied.

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“NNPCL already had about 550 filling stations across the country but claimed it was enhancing its capacity by acquiring OVH, which had only 94 stations and 100 others leased.

“In a move that defies economic logic, OVH, previously owned by NNPC retail, has now acquired NNPC retail. This absurd situation means that Wale Tinubu’s Oando now owns 49% of NNPC retail.

He also criticized the retention of Mele Kyari as NNPC Group Managing Director and the appointment of Pius Akinyelure as NNPC chairman, both of which, he argues, reflect Tinubu’s influence over the company.

Atiku described the acquisition as economically illogical and accused Tinubu of using the NNPC to advance his business interests, mirroring practices from Lagos where Tinubu’s companies manage key sectors.

The former vice-president also expressed skepticism about the ongoing legislative investigation into the NNPC-OVH deal, citing potential conflicts of interest due to the involvement of Senator Opeyemi Bamidele, a known Tinubu supporter.

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The NNPC-OVH deal, which aimed to expand NNPC’s filling station network and improve natural gas supply, has been marred by allegations of corruption and irregularities.

Despite these concerns, Atiku warned that even after Tinubu’s tenure, dismantling these entanglements will be challenging.

Although acknowledged that the NNPC and its leadership are being investigated by the legislature, he expressed doubts about the credibility of the process — citing the vested interests of those conducting the probe.

 “Senator Opeyemi Bamidele, who is heading the national assembly panel, is a known supporter of Tinubu. He served as a commissioner under Tinubu in Lagos state and publicly calls him his godfather,” he said.

“Given that Tinubu is the petroleum minister, he should be held responsible for the sector’s issues. I doubt Bamidele will conduct a thorough investigation that might implicate his patron.”

Atiku said Tinubu’s actions at the federal level are akin to the integration of his business interests into Lagos’s public enterprises.