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NNPC Reacts to Atiku’s Allegations of Plan by Tinubu to Mortgage Nigeria’s Future via OVH Deal

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Former Vice President Atiku Abubakar
Former Vice President Atiku Abubakar
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The Nigerian National Petroleum Company Limited (NNPC Ltd) has reacted to allegations made by former Vice President Atiku Abubakar, accusing President Bola Tinubu of attempting to mortgage Nigeria’s future through the acquisition of OVH Energy by NNPC Ltd.

In a statement titled “OVH Acquisition: The Facts, by NNPC Ltd,” the company denied any personal interest by President Tinubu in the acquisition.

NNPC Ltd stated that investment decisions are based on commercial viability and national interest, and provided facts to counter Atiku’s allegations.

The company said that it is a commercially focused and profit-driven entity, managed by professionals committed to adding value to the nation. NNPC Ltd also clarified that the acquisition of OVH Energy was done without any interest from Wale Tinubu or President Tinubu.

The full text of the statement is as follows:

PRESS RELEASE

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.

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 OfficerNNPC Ltd.Abuja

22 August, 2024

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Natasha Not Suspended for Sexual Harassment Allegation, But Violation of Standing Orders, Senate Clarifies

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Nigerian Senate
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The Senate has faulted pervasive claims that one of its members representing Kogi Central, Senator Natasha Akpoti-Uduaghan was suspended for accusing the President of the Senate, Senator Godswill Akpabio of sexual harassment.

Rather, the upper chamber clarified that Akpoti-Uduaghan was suspended specifically due to her flagrant disobedience to Sections 6.1 and 6.2 of the Senate Standing Orders 2023 (As Amended) and her unparliamentary behaviour during its plenaries and proceedings.

The Leader of the Senate, Senator Opeyemi Bamidele made these clarifications in a three-page statement released on Saturday amid the deliberate misinformation and false narratives being circulated by certain media organisations.

Contingent on the report of its Committee on Ethics and Privileges, the Senate had suspended Akpoti-Uduaghan for six months over alleged misconduct and refusal to comply with its sitting arrangement during the plenary.

The Senate upheld her suspension with a proviso that if Akpoti-Uduaghan “submits a written apology, the leadership of the chamber may consider lifting the suspension before the six-month period expires.”

Rather than submitting to the Authority of the Senate, Akpoti-Uduaghan had been misinforming the unsuspecting public that she was suspended because she accused the senate president of sexual harassment.

In a statement he released on Saturday, however, Bamidele clarified that the disciplinary action against Akpoti-Uduaghan was unequivocally a response to her repeated violations of legislative decorum.

In the same vein, the statement further clarified that Akpoti-Uduaghan’s petition on sexual harassment failed to meet the clear and established procedural requirements for submitting petitions to the Senate.

The statement reads in part: “It has come to the attention of the Senate that some media reports are attempting to falsely suggest that Akpoti-Uduaghan’s suspension was due to allegations of sexual harassment.

“This is completely untrue, misleading, and a calculated attempt to distort the facts. If Akpoti-Uduaghan had strictly followed our guiding principles, the Senate would have treated her petition based on merit in line with its practice. But she never obeyed the established practices of the institution where she was serving,” the statement said.

Specifically, the statement revealed that Akpoti-Uduaghan’s suspension was “a decision of the Committee of the Whole Senate, following the submission of a report by the Chairman of the Senate Committee on Ethics and Privileges.”

The statement noted that the report found Akpoti-Uduaghan guilty of violating Sections 6.1 and 6.2 of the Senate Standing Orders 2023 (As Amended) and recommended her immediate suspension.

As established in the findings of the Senate Committee on Ethics and Privileges, the statement pointed out that the disciplinary action was “a response to Akpoti-Uduaghan’s repeated violations of legislative decorum stated as follows:

” Refusing to sit in her assigned seat during plenary on 25th February 2025, despite multiple pleas from the Minority Leader and other ranking Senators—an act of open defiance and disorderly conduct.

“Speaking without being recognized by the presiding officer, in clear violation of parliamentary practices and procedures on 25th February 2025.

“Engaging in unruly and disruptive behavior, obstructing the orderly conduct of Senate proceedings. Making abusive and disrespectful remarks against the leadership of the Senate.

“Defying and refusing to comply with the summons of the Senate Committee on Ethics and Privileges mandated to investigate cases of misconduct,” the statement highlighted violations of the Senate Standing Order 2023 (As Amended) by Akpoti-Uduaghan.

The statement, therefore, noted that these actions represented a direct challenge to the Authority of the Senate and a violation of the Senate Standing Orders 2023 (As Amended) that govern the business of the Senate and the conduct of all its members without any exception.

The statement noted that the disciplinary measure was imperative, necessary and justified to restore order and uphold the integrity of the Senate as the country’s foremost democratic institution.

“Contrary to the false claims being circulated, Akpoti-Uduaghan was not suspended for making any sexual harassment or for submitting a petition. Her petition was rightfully discountenanced because it failed to meet the clear and established procedural requirements for submitting petitions to the Senate.

” The rules of the Senate apply to all members without exception, and no petition—regardless of its subject—can be considered if it does not follow due process. To suggest that her suspension was linked to her petition is not only a distortion of facts but an intentional and malicious attempt to mislead the public,” the statement noted.

While thanking some media organisations for their reporting, the statement urged the media not to distort facts to suit a false narrative expressing dissatisfaction with an attempt to politicise a disciplinary action that was strictly based on clear violations of Senate Standing Orders 2023 (As Amended).

The statement said: ” This coordinated misinformation campaign is nothing more than an attempt to politicise a disciplinary action that was strictly based on clear violations of Senate Standing Orders 2023 (As Amended).

“It is reckless, misleading, and a disservice to the people of the Federal Republic of Nigeria, who deserve truthful and factual reporting. We, therefore, urge all foreign correspondents and responsible media houses to correct these misrepresentations and avoid propagating falsehoods that undermine the integrity of Nigeria’s legislative process.”

 

 

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Bill To End HND, BSc Dichotomy Scales Second Reading In The House

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Federal House of Representatives
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A bill to abolish the dichotomy and discrimination between Bachelor’s Degree holders and Higher National Diploma (HND) holders has scaled second reading in the House of Representatives.

According to the Speaker, Tajudeen Abbas, the bill sought to replace HND with Bachelor of Tech so that graduates of polytechnic would be able to compete favourably with other university graduates.

The bill, which was sponsored by a member, Fuad Laguda from Lagos State, also emphasised the importance of technical education.

Speaker Abbas said the position taken by all boards of polytechnics in Nigeria is “the abolition of HND and in place of it to have Bachelor of Technology so that at least graduates of polytechnics will be able to compete with those from universities”.

“At the same time, they are calling for hybrid supervision where the degree component of the polytechnic education will be handled by the NUC (National Universities Commission) while the national diploma will continue to be handled by the NBTE (National Board for Technical Education).

“Because of the degree component of this amendment, they felt that the qualification for being rector should also be upgraded to a Ph.D holder at the minimum since you will now be talking about degree programmes, it is only proper for such kind of establishment to have a Ph.D holder as the head of the institution,” he said.

Abbas subjected the bill to a voice vote and the lawmakers approved it to scale second reading.

 

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Tax Reform Bills: Senate To Consider Viable Opinions Of Stakeholders

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Nigerian-Senate
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The chairman, Senate committee on Finance, Senator Sani Musa, says the Senate will consider viable opinions of all stakeholders in the passage of current Tax Reform Bills .

Senator Musa who stated this during an interview with newsmen in Abuja emphasized the need for Nigerians to be patient for a tax regime that would be beneficial to all and sundry.

He explained that the red chamber would evolve a legislation that is workable in line with international best practices.

Senator Musa told newsmen that president TINUBU needs one trillion dollar economy adding that the proposed Tax regime would outlive every individual including the lawmakers.

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