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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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6,600 Ekiti Citizens Benefit from Senator Bamidele’s Free Medical Outreach

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Senator Michael Opeyemi Bamidele
Senate Leader, Senator Michael Opeyemi Bamidele
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No fewer than 6,600 residents of Ekiti Central Senatorial District, have benefitted from the free medical outreach spearheaded by the Senate Leader, Senator Opeyemi Bamidele.

The programme, where thousands of residents were treated free for hypertension, visual impairments, diabetes, blood sugar and ante natal treatments, hepatitis test and family planning counselling, kicked off in Iyin Ekiti, in Ekiti Central Senatorial District last week Monday, and was extended to all the five local governments that composed the district .

Speaking while wrapping up the medical intervention programme at Iworoko Ekiti, on Tuesday, Senator Bamidele disclosed that the gesture was specifically devised to increase the life expectancy of the Ekiti populace.

The Federal lawmaker, represented by his Senior Legislative Assistant, Mr. Bunmi Oguntuase, added that the medical programme, jointly prosecuted by himself in partnership with the Industrial Arbitration Panel, was targeted at lifting the burden off the shoulders of those suffering any form of ailment that could end their lives at primes.

The Senate Leader was upbeat that the programme had succeeded in helping those with underlying ailments to realise their health status, so that they can begin to proffer solutions to them.

Senator Bamidele saluted his constituents for trooping out en masse to participate in the programme, expressing confidence that many must have been loosened from their different medical afflictions pummeling their lives and constituting dangers to their existence.

“This programme was specifically conceptualised to intervene in some of the medical afflictions being suffered by my people. A total of 6,600 patients were treated for various ailments. Some diseases were just diagnosed in the course of being attended to.

“A total of 1,525 free eye glasses were distributed to those suffering visual impairments. With these, they can now have their sights restored or corrected, so that they can live normal lives.

“We all know that health is wealth, we will continue to come up with people-oriented programmes that will make positive impacts in the lives of our people; this is the essence of democracy. All the government’s programmes must be designed to benefit the masses, the common men on the streets, regardless of their political leanings”, he said.

Senator Bamidele said the programme was geared towards backing the Human Capital Development strides of Governor Biodun Oyebanji, where Healthcare delivery with Universal Health Coverage as a focal point and pivotal pillar of the administration.

A community leader and Onisara of Igbemo Ekiti, Chief Adetunji Agamago, praised the Senate Leader for the gesture, saying the programme will help in boosting the health status of the residents.

Chief Agamago, who was one of the beneficiaries, urged the participants to strictly adhere to their drug regimens, as prescribed by medical experts, so that their health can be restored for them to enjoy normal and elongated lives.

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FCCPC Alerts Of Low-quality Sugar In Nigerian Markets

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Tunji Bello
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The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered the availability of substandard and unregistered sugar products in Nigerian markets, particularly smuggled brands from Brazil, including Grupo Moreno, Terous, USI S.

Joao, Alvean and Arapora Bionergia. The products, which failed to meet mandatory Vitamin A fortification requirements, pose serious health risks to consumers, undermine the integrity of the local sugar industry, and contribute to price manipulation that harms the market.

Acting on a tip-off, FCCPC operatives conducted discreet investigations across the country, particularly in the South-West and the North-East.

According to a statement from the Director, Corporate Affairs, FCCPC, Mr Ondaje Ijagwu, the investigations revealed that many of the identified sugar products lacked normal labeling, including production and expiry dates, batch numbers, and the mandatory National Agency for Food and Drug Administration and Control (NAFDAC) registration.

“Even more concerning, most of the products were not fortified with Vitamin A, a critical nutrient essential for good vision, immune health, and overall well-being. The absence of this fortification exposes Nigerian consumers to serious health risks, including blindness and increased susceptibility to infections, particularly among vulnerable groups such as children and pregnant women”

“The FCCPC is also deeply concerned about the economic impact of these products. The influx of smuggled sugar undermines fair competition, placing undue pressure on compliant local producers who adhere to regulatory standards. Importers of these substandard products engage in price manipulation to the detriment of genuine producers and consumers, while pretending that the products are genuine. This jeopardises the sustainability of the Nigerian sugar industry and also erodes consumer trust in the market”.

The statement explains that the smuggling, facilitated through porous borders, particularly from neighboring countries such as Cameroun and Benin Republic, further complicates enforcement efforts and hampers traceability.

“FCCPC wishes to reassure the general public that, consistent with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, it is taking decisive steps to address this issue. The Commission is committed to educating consumers about the dangers of non-fortified and substandard sugar products through nationwide awareness campaigns. Nigerian consumers are encouraged to verify the authenticity of sugar products by ascertaining they carry proper labeling, including NAFDAC registration and evidence of Vitamin A fortification”

“The FCCPC is intensifying enforcement and surveillance in collaboration with NAFDAC, the Nigeria Customs Service, and other relevant agencies. These efforts include enhanced surveillance and follow-up market inspections to disrupt the supply chain of smuggled sugar products and the FCCPC is also engaging with industry stakeholders to promote compliance with quality standards, protect local producers, and foster fair competition within the sugar market”.

It advised consumers to remain vigilant and report any suspected substandard or unregistered sugar products to the FCCPC. Reports can be made through the Commission’s email, contact@fccpc.gov.ng, or its official social media channels.

 

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Senate Holds Valedictory Service For Late Ifeanyi Ubah

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Senator-Patrick-Ifeanyi-Ubah
Senator-Patrick-Ifeanyi-Ubah
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The senate suspended the house rules on Tuesday to admit family members and close relatives of the late Senator Ifeanyi Ubah for the commencement of a valedictory session in his honour.

During the service, President of the Senate, Godswill Akpabio began by zeroing in attention to the seat of their former colleague, draped with the Nigerian flag and four symbolic candles.

He noted that the day has been dedicated to the memory of the late Anambra Senator who died on the 27th of July, 2024 at the age of 52.He further described the late businessman from Otolo, Nnewi North as a visionary with extraordinary empathy for all and a champion for economic empowerment and community development.

Akpabio described Ubah’s death as a huge deficit in the political terrain of the country.

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