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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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Lakurawa Terrorists, Not Bandits Responsible For Zamfara Explosion — Police

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The state’s police commissioner says members of the dreaded group were seen around the scene of the incident shortly before the explosion.

The police have fingered newly formed terror group Lakurawa as the mastermind of an explosion that occurred along the Dansadau-Gusau Road in the Maru Local Government Area of Zamfara State on Wednesday.

“This Lakurawa (group) when they were dislodged by the Army in Sokoto and Kebbi, the rest of them that survived the military onslaught were trying to find new enclaves,” the state’s police commissioner Muhammed Dalijan said on Channels Television’s Sunrise Daily breakfast programme on Thursday.

“As they were passing that village to Birnin-Gwari forest, they planted a bomb under a bridge. Then a motorist was passing and step on it. It exploded and killed the driver and three other people were seriously injured.”

The police commissioner said members of the dreaded insurgent group were seen around the scene of the incident shortly before the explosion.

Dalijan said planting of explosive devices was a new development in the North-West state. He said though Zamfara has had a long battle with deadly bandits, they don’t have the capacity to plant explosive devices.

“They were seen passing through a village and as we were getting reports, trying to get ourselves prepared to pursue them, this (explosion) happened. So, we are sure that they were the ones that planted the bomb.

“The bandits here (in Zamfara) don’t use bombs because they don’t know how to make it; they don’t know how to improvise explosive devices. So, we are 100% sure that they (Lakurawa) are the ones because planting bombs in Zamfara State is a new development and bandits don’t have that capacity,” he said.

Zamfara, located in North-West Nigeria, has become the “hub of banditry” in Nigeria, as described by Governor Dauda Lawal.

The governor said the marauding bandits whose kidnapping-for-ransom trade is booming in the state can be strangulated in two weeks with the right political will.

Meanwhile, military authorities have vowed to eliminate Lakurawa insurgents and other terror groups like Boko Haram and the Islamic State West Africa Province (ISWAP).

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Senate Sets Up Committee To Review Tax Reform Bills With AGF

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The Senate on Wednesday set up a committee to to review the controversial Tax Reform Bills that are before the National Assembly.

The Committee which is headed by Minority Leader, Senator Abba Moro (PDP, Benue South) will meet with the Attorney General of the Federation, Lateef Fagbemi, to address grey areas in the bills and revert to Senate before public hearing.

The Deputy Senate President Barau Jibrin disclosed this during plenary on Wednesday.

Barau, who presided over the session, said that the executive arm of the government agreed with the Senate that there is need to resolve all the issues causing disagreements in the bills.

Barau said, “We decided to put politics, ethnicity, regionalism aside to sit among ourselves in order to find a way forward in respect to issues affecting the tax reform bills. It is on this note that we extended our view to the executive arm of government, and it was agreed that there should be a forum to sit down to look at the areas that are creating disagreements in order to resolve them so that the entire country will remain united in our efforts to solve our problems.

“Before the introduction of these bills, we know we have been faced with several problems; insecurity that we and the president have been trying to solve, issues about our economy which is in line with global economic problems. And we also agreed that we shouldn’t allow any other to come in to aggravate the problems of our country.

“It is on this note that it has been agreed by the executive and by us that there should be a forum that should sit with the Attorney General of the Federation so that we can sit and look at all the areas of disagreement and resolve them for the interest of this nation.

“It is therefore proposed that tomorrow there will be a meeting with the committee that will be set here to sit down with the Attorney General to look at those issues and resolve them. It is on this note that the Committee on Finance that the bills have been referred to halt action with public hearing and other issues until we resolve those issues.”

President Bola Ahmed Tinubu had on October 3, 2024, forwarded four tax reform bills to the National Assembly.

The proposed Tax Reform Bills have generated a lot of controversies since its introduction at the National Assembly, meeting serious resistant especially from the Northern part of the country.

Following the controversies the bills have generated, the National Economic Council had advised President Bola Tinubu to withdrawal the bills to allow for further consultations, but he had refused and said that the bills should go through the necessary legislative processes.

Last week, the bills were passed at the Senate for second reading through voice votes.

The proposed legislation seeks to harmonize, coordinate, and resolve disputes arising from revenue administration in Nigeria.

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Gov Sanwo-Olu Signs Lagos Electricity Bill Into Law

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The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill into law.

The ceremony which was carried out at Lagos House Alausa Ikeja, had in attendance the state deputy governor Kadri Hamzat, members of the State assembly, as well as the state executive council members.

Governor Sanwo-Olu commended the state House of Assembly for ensuring the speedy passage of the bill, stressing that the bill will change the socio-economic value of citizens in Lagos State.

He stated that the electricity bill has been in the works for some years, and now that is finally achieved as Lagosians can be sure of a steady power supply.

On his part, the state Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the electricity law signed will provide an additional grid for Lagos State, and also put an end to black out in the state.

“There will now be regular power supply. Host community development Trust fund, which will provide opportunities for communities to develop power plant,” he said.

Ogunleye noted that the step taken by the government stands as a beacon of progress, that will ensure uninterrupted power supply in Lagos State.

The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.

Among other things, the law seeks to establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated, ensure access to affordable, reliable, and sustainable electricity for all citizens.

It also helps to promote diverse energy sources, including renewable energy, and encourage energy efficiency, foster investment, competition, and innovation in the electricity sector and electrify underserved areas, contributing to the sustainable development of Lagos State.

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