The Nigerian National Petroleum Company Limited (NNPCL) has formally denied allegations of political influence in its acquisition of OVH Limited. Claims were made by former Vice President Atiku Abubakar suggesting that the deal was part of President Bola Tinubu’s agenda to integrate personal business interests into national enterprises. Specifically, Abubakar alleged that the retention of Mr. Mele Kyari as Group Chief Executive Officer of NNPC Ltd was a form of compensation for the acquisition, in which Mr. Wale Tinubu was believed to hold a significant stake. NNPCL’s Chief Corporate Communications Officer, Olufemi O. Soneye, clarified that the company operates on a commercial basis and reiterated that Wale Tinubu and the President had no interests in OVH at the time of the acquisition, given that Oando had divested its stake in the company by 2019. The acquisition was based purely on commercial considerations, and NNPC Ltd planned to merge NNPC Retail Ltd with OVH, rebranding the merged entity under the NNPC Retail Ltd name.
Oil & Gas, Corporate Finance,Nigeria
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