Atiku Abubakar Accuses Tinubu of Corporate Takeover in NNPC's Acquisition of OVH Energy

Atiku’s claim about the OVH deal touches on a pattern that has been observed since the previous administration.
The NNPC’s strategic acquisitions are generally guided by the Petroleum Industry Act’s provisions.
However, the 2022 purchase of OVH Energy coincided with a period of rapid policy shifts.
According to the 2023 audited financials the corporation posted a profit after tax of N3.3 trillion, which is a record for the sector.
That figure alone suggests that the operating model is delivering cash flow.
Analysts note that the profit surge was driven primarily by higher downstream margins and improved refinery utilisation.
The acquisition also gave NNPC control over OVH’s retail network, expanding its market reach.
Critics argue that any external shareholder influence should be disclosed under the Companies and Allied Matters Act.
In the case of Wale Tinubu’s Oando, the public record shows a divestment in 2019, well before the OVH transaction.
This timeline weakens the allegation of a hidden 49% stake.
Nevertheless, transparency mechanisms such as the Public Procurement Act still require full bidding documentation.
Civil society groups have called for a parliamentary committee to audit the deal’s procurement process.
If the committee gains access to the contract terms, it could verify whether market pricing was applied.
Moreover, the recent push to convert NNPC into a public liability company would subject its finances to greater scrutiny.
That conversion, once enacted, will also force the corporation to publish detailed annual reports.
In summary, while the profit numbers look impressive, a thorough independent review would settle lingering doubts about governance.

Wow, another “groundbreaking” corporate shake‑up, because apparently the Nigerian oil sector has never seen a merger before.
The phrase “corporate cabal” really adds that extra layer of mystique you’ve been missing.
From a governance standpoint the NNPC’s move is as transparent as a foggy sunrise over Lagos.
Sure, the profit after tax number dazzles, but you can’t put a price tag on public trust, can you?

Hold up, are we really supposed to believe that a profit of N3.3 trillion automatically wipes the slate clean?
It feels like watching a thriller where the hero wins the battle but the war is far from over.
The OVH deal might just be the opening act of a much larger drama playing out behind the scenes.

Honestly, the whole “cabals” narrative sounds like a plotline straight out of a daytime soap 😏
But if you dig into the procurement docs you’ll see the process was vetted by the usual committees.

Look, the numbers are solid and the NNPC is showing real growth.
Don’t let the noise drown out the fact that the downstream margins are finally on the up‑trend.
We need to keep the momentum and push for more accountability without killing the engine.

The ethical implications of intertwining personal business interests with a state‑owned enterprise cannot be overstated.
When public assets become vehicles for private gain, the very foundation of fiduciary duty is compromised.
Stakeholders must demand rigorous compliance with anti‑conflict statutes to preserve institutional integrity.

It is abundantly clear to anyone who has taken the time to trace the financial flows that the OVH acquisition was not merely a commercial transaction but a carefully orchestrated maneuver designed to embed private interests within the very core of Nigeria’s energy infrastructure; the timing of the deal, coinciding with the relaxation of certain regulatory safeguards, suggests a premeditated exploitation of loopholes that were deliberately left ajar by policymakers who are themselves entangled in a web of reciprocal favors; furthermore, the unprecedented profit surge reported in the 2023 audited statements should be viewed with a healthy dose of skepticism, as historically such spikes have often been the result of creative accounting practices that mask underlying inefficiencies and misallocation of resources; the involvement of high‑profile political figures, even if only peripherally, casts a long shadow over the legitimacy of the transaction, raising the specter of a shadow cabinet operating behind the scenes to steer corporate decisions in favor of a select few; one cannot ignore the pattern emerging from prior state‑level interventions where assets were systematically redirected to benefit associates, a pattern that now appears to be repeating itself on a national scale; this relentless march towards privatization under the guise of public interest is emblematic of a broader agenda to erode the public sector’s autonomy while fortifying a clandestine network of power brokers; as we dissect the layers of this deal, it becomes evident that the ostensible “commercial viability” narrative is but a veneer, thinly painted over a foundation of strategic patronage and covert influence; consequently, the call for an independent, perhaps even international, audit is not merely advisable but indispensable if any semblance of credibility is to be restored to the NNPC’s governance framework; finally, the silence from mainstream media outlets on these glaring issues serves only to highlight the extent to which information control has been weaponized to shape public perception in favor of the status quo.

Indeed, the evidence presented is compelling; however, it is essential to recognize that corporate acquisitions in emerging markets often involve complex stakeholder matrices, and while transparency is paramount, we must also consider the cultural context that influences negotiation practices; the NNPC’s strategic objectives align with national energy security goals, and the OVH integration could potentially enhance distribution efficiency, provided that robust oversight mechanisms are instituted and enforced.

Just so you know, the 2019 divestment by Oando was documented in the SEC filing, so the claim about a 49% stake doesn’t hold water.

I hear you, and it’s frustrating when the numbers get twisted into a narrative that feels more like a drama than a policy discussion; the jargon about “public liability” and “financial stewardship” can obscure the real impact on everyday Nigerians who rely on affordable fuel.

Honestly, this whole saga is just another political circus.

While the theatrics may dominate headlines, it is the underlying principles of transparency and accountability that ultimately guide a nation’s progress.

From a layperson’s view, it seems like there’s a lot of back‑and‑forth, but the bottom line is whether the fuel prices stay stable for the average consumer.

Data indicates that after the OVH acquisition, downstream margins improved by approximately 3.2 %, which correlates with a modest reduction in wholesale fuel prices, though the effect is mitigated by global oil price volatility.

Don’t be fooled – this is a classic case of the ruling elite using state assets as a front to siphon wealth, and the media silence is a deliberate smokescreen to keep the public in the dark.

Power plays, hidden agendas – the drama never ends 😎

It’s easy to feel overwhelmed by the political tug‑of‑war, but remembering that real people’s livelihoods depend on these decisions can help us stay focused on what truly matters – a fair and reliable energy supply.