Nigerian National Petroleum Company (NNPC) Limited has denied allegations that President Bola Tinubu and Wale Tinubu, CEO of Oando, have any interest in the acquisition of OVH Energy.
Gatekeepers News reports that the company stated that investment decisions are based on national interest and commercial viability, not personal interests.
“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition,” the NNPC said. “We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.”
The NNPC explained that Oando had fully divested its equity interest in OVH in 2019, and the company was acquired by NNPC Limited in 2022. The merger of NNPC Retail Limited into OVH was done for sound commercial considerations, and the post-merger renaming is ongoing.
The company also responded to Atiku Abubakar’s claims, saying that effectiveness in business leadership is measured by balance sheets and bottom lines, not “pedestrian considerations.”
The NNPC emphasised its commitment to national interest and value creation for all stakeholders, and stated that it would resist any attempt to draw its board and management into partisan politics.
