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

Atiku Abubakar Raises Alarms Over NNPC's OVH Energy Deal

Former Vice President Atiku Abubakar has launched a vehement attack against the Nigerian National Petroleum Company (NNPC) Limited, accusing it of being manipulated by corporate cabals linked to President Bola Tinubu. His claims center around the NNPC’s acquisition of OVH Energy in October 2022, a move he believes is part of a broader scheme to merge Tinubu's personal business interests into federal enterprises. According to Atiku, this controversial deal has resulted in various irregularities that cannot be overlooked.

The OVH Acquisition: A Dubious Deal?

Atiku has vehemently argued that the NNPC's takeover of OVH Energy reeks of dubious intentions. The acquisition, according to him, saw NNPC Retail, previously owned by OVH Energy, shift ownership dynamics significantly. What raises eyebrows is his assertion that this deal allows Wale Tinubu's Oando to effectively own a 49% stake in NNPC Retail. This arrangement, he believes, is far from transparent and breaches ethical lines.

Furthermore, Atiku has accused President Tinubu of deliberately stalling NNPC's transition into a public liability company as dictated by the Petroleum Industry Act (PIA). This, he argues, is a deliberate ploy to prevent public scrutiny and maintain tight control over the company's operations. The implications of this, he suggests, are far-reaching and detrimental to Nigeria's economic landscape.

Concerns Over Legislative Investigation

The former Vice President has also expressed grave concerns about the credibility of a legislative investigation into NNPC's activities. His skepticism is particularly pronounced regarding the role of Senator Opeyemi Bamidele, who he suggests has close ties to President Tinubu. Atiku contends that Bamidele’s vested interests would likely hinder a thorough and impartial investigation, further clouding the transparency of the NNPC's operations.

Drawing parallels from Tinubu's previous maneuvers at the state level, Atiku warns that the integration of personal business interests into public enterprises seems to be a recurring theme. He cautions that this could mean the future of Nigerians is being 'mortgaged' to Tinubu and his close associates, a scenario detrimental to the nation's economic independence and integrity.

NNPC's Stance and Financial Success

The NNPC, however, has robustly refuted these allegations. In a detailed statement, the company emphasizes that the OVH acquisition was driven by commercial viability and national interest. NNPC clarifies that Wale Tinubu’s Oando had completely divested its equity in OVH as early as 2019, thus negating any claims of undue influence or involvement from him or President Tinubu in the acquisition.

Adding weight to its defense, NNPC points to its financial achievements under the current administration. The company’s 2023 Audited Financial Statement reveals a profit after tax of N3.3 trillion, underscoring its operational success and efficiency. This financial milestone, according to NNPC, is a testament to its commitment to transparency and national growth.

Broader Implications and Public Reaction

The discourse surrounding the NNPC and OVH deal has sparked varied reactions among the Nigerian public and stakeholders. On one hand, Atiku’s accusations have fueled concerns about potential manipulations within the country’s top petroleum company. On the other, NNPC's financial report presents a narrative of growth and progress, which some view as a counterargument to the claims of corruption and undue influence.

Political analysts suggest that this controversy could have significant implications for the governance and regulatory frameworks guiding Nigeria's oil and gas sector. The need for enhanced transparency and stricter adherence to legislated protocols and standards is becoming more pronounced. Observers argue that the unfolding events should be a clarion call for deeper reforms within the sector to safeguard national interests against personal or corporate exploitation.

Conclusion

Atiku Abubakar's allegations against the NNPC and President Bola Tinubu have opened a Pandora's box of questions and debates about the integrity of Nigeria's oil sector governance. While the NNPC has defended the OVH acquisition and highlighted its financial successes, the lingering doubts and calls for transparency continue to shadow its operations. For many Nigerians, the resolution of this controversy is not just about corporate governance but also about the broader fight for economic justice and national integrity.