• About
  • Advertise
  • Contact
Friday, June 20, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

NNPCLtd. Dismisses Atiku’s Allegation Of Hijack By Corporate Cabals Around President Tinubu

Vital News by Vital News
August 22, 2024
in Oil & Gas
0
NNPCLtd. Dismisses Atiku’s Allegation Of Hijack By Corporate Cabals Around President Tinubu
Share on FacebookShare on Twitter

The Nigeria National Petroleum Corporation Ltd (NNPCLtd) has dismissed claim by former Vice President Atiku Abubakar alleging “criminal hijack of the NNPC by corporate cabals around the current President”.

Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. dismissed the claim in a statement in Abuja on Thursday.

The oil company also dismissed claim by Atiku that 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.

The full text of the PRESS RELEASE issued by NNPCLtd reads: “OVH Acquisition: The Facts, by NNPC Ltd

“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.

RelatedStories

Dangote Refinery, An Industrial Revolution Liberating Nigeria – Committee On Naira For Crude Sales

Experts Laud Dangote Refinery Over Transport-free Delivery Of Petrol, Diesel, Aviation Fuel To Marketers, Dealers

Dangote Refinery Deploys 4,000 CNG-tankers For Nationwide Distribution Of Petrol, Diesel

NNPC Resumes Monthly Financial Report, Records ₦5.89trillion Revenue In April

“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 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 Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja
22 August, 2024.
(vitalnewsngr.com)

Tags: cabalshijackNNPCoando
Previous Post

NDVC Applauds Record $553mln Diaspora Remittances In July, Reiterates Diaspora Voting Rights

Next Post

2024 Hajj Subsidy Fraud : EFCC Releases Jalal Arabi On Bail

Vital News

Vital News

RelatedStories

Dangote Refinery, An Industrial Revolution Liberating Nigeria – Committee On Naira For Crude Sales
Oil & Gas

Dangote Refinery, An Industrial Revolution Liberating Nigeria – Committee On Naira For Crude Sales

June 18, 2025
Dangote Refinery Deploys 4,000 CNG-tankers For Nationwide Distribution Of Petrol, Diesel
Oil & Gas

Experts Laud Dangote Refinery Over Transport-free Delivery Of Petrol, Diesel, Aviation Fuel To Marketers, Dealers

June 17, 2025
Dangote Refinery Deploys 4,000 CNG-tankers For Nationwide Distribution Of Petrol, Diesel
Oil & Gas

Dangote Refinery Deploys 4,000 CNG-tankers For Nationwide Distribution Of Petrol, Diesel

June 15, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

NNPC Resumes Monthly Financial Report, Records ₦5.89trillion Revenue In April

June 13, 2025
President Tinubu Visits Dangote Refinery, Commissions New Roads In Lekki
News

Dangote Commits N900billion To Road Construction, Names Road To His Refinery After President Tinubu

June 6, 2025
Next Post
2024 Hajj Subsidy Fraud : EFCC Releases Jalal Arabi On Bail

2024 Hajj Subsidy Fraud : EFCC Releases Jalal Arabi On Bail

NJC Formally Recommends Kudirat Kekere-Ekun For Appointment As Chief Justice of Nigeria

President Tinubu Swears In Justice Kudirat Kekere-Ekun As 23rd Chief Justice of Nigeria

Supreme Court Affirms Usman Ododo As Kogi Governor

Supreme Court Affirms Usman Ododo As Kogi Governor

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

INEC captures 113, 255 new voters in Kogi

3 years ago
Nigerian Feminist Forum Calls For End To Rising Gender Inequality

IWD 2023 : The Nigerian Feminist Forum Calls For Inclusion, Equality For Women In ICT Sector

2 years ago
Kidnapping At Edo Train Station Plotted By 8 People For N20mln Ransom – Police

Kidnapping At Edo Train Station Plotted By 8 People For N20mln Ransom – Police

2 years ago
Sudan : JAMB Promises To Facilitate Admission of Student Returnees Into Nigerian Universities

Sudan : JAMB Promises To Facilitate Admission of Student Returnees Into Nigerian Universities

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu Women
No Result
View All Result

Highlights

The Folly Of A War With Iran by Chris Hedges

Current Economic Hardship Should Not Be Blamed On President Tinubu – Sunday Babalola

At Real Estate Federation World Congress, Osinbajo, Sanwo-Olu Commend Housing Professionals

Advocate Urges FG To End Conflict-related Sexual Violence

OF PROPHECIES AND REALITIES IN TODAY’S WORLD by Taiye Olaniyi

Joint Task Force Arrests 26 Suspected Kidnappers In Kogi

Trending

Environment

Lagos Shuts Oko Oba Abattoir Over Poor Sanitary Condition, Waste Mismanagement

by Vital News
June 19, 2025
0

Lagos State Government has shut down the popular Oko Iba Abattoir at Agege area of the state...

Aliko Dangote Foundation Donates 40,000 Bags Of Rice to PLWDs, Vulnerable In Ogun

Aliko Dangote Foundation Donates 40,000 Bags Of Rice to PLWDs, Vulnerable In Ogun

June 19, 2025
Oyo Community Leader, Alhaja Nusirat Kadewolu Adeyemi Dies At 98

Oyo Community Leader, Alhaja Nusirat Kadewolu Adeyemi Dies At 98

June 19, 2025
The Folly Of A War With Iran by Chris Hedges

The Folly Of A War With Iran by Chris Hedges

June 19, 2025
Current Economic Hardship Should Not Be Blamed On  President Tinubu – Sunday Babalola

Current Economic Hardship Should Not Be Blamed On President Tinubu – Sunday Babalola

June 19, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Lagos Shuts Oko Oba Abattoir Over Poor Sanitary Condition, Waste Mismanagement June 19, 2025
  • Aliko Dangote Foundation Donates 40,000 Bags Of Rice to PLWDs, Vulnerable In Ogun June 19, 2025
  • Oyo Community Leader, Alhaja Nusirat Kadewolu Adeyemi Dies At 98 June 19, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In