NNPC Ltd. Refutes Allegations of Corporate Hijack”
Oru Leonard
In a swift response to allegations of corporate hijack, NNPC Ltd. released a press statement to set the facts straight. The company’s attention had been drawn to a press release by Mr. Paul Ibe, Media Adviser to former Vice President Alhaji Atiku Abubakar, which claimed that NNPC Ltd. had been hijacked by corporate cabals around President Bola Ahmed Tinubu.
NNPC Ltd. categorically denied these allegations, stating that the company was a commercially-focused and profit-driven entity managed by professionals committed to adding value to the nation. The company’s investment decisions were based solely on commercial viability and national interest.
The statement addressed each of the allegations, clarifying that:
– NNPC Ltd.’s acquisition of OVH in 2022 was a strategic business decision, with no involvement from Mr. Wale Tinubu or President Tinubu.
– Oando, in which Mr. Wale Tinubu had an equity interest, had fully divested its equity in OVH to Vitol and Helios in 2019.
– The merger of NNPC Retail Ltd. into OVH was a sound commercial decision, with no ulterior motives.
NNPC Ltd. assured stakeholders that the company remained committed to national interest and value creation, devoid of political influence. With a strong track record of growth, as evident in their 2023 Audited Financial Statement, NNPC Ltd. would continue to resist any attempts to draw its Board and Management into partisan politics.
