The Nigerian National Petroleum Company Ltd (NNPCL) has vehemently refuted accusations made by Paul Ibe, media adviser to former Vice President Atiku Abubakar, who alleged that the recent acquisition of OVH was a criminal hijack driven by corporate elites. In a detailed statement, NNPC Ltd. clarified that the acquisition was purely commercial, emphasizing the company’s focus on national value and commercial viability, not political motivations. NNPC Ltd. elaborated that Oando, which Paul Ibe suggested was involved, had fully divested from OVH by 2019 with Vitol and Helios holding the equity. It was further clarified that the initial merger phase has been completed, and rebranding efforts are ongoing. NNPC asserted that neither Wale Tinubu nor President Tinubu had any influence over the OVH acquisition. The statement also highlighted NNPCL’s financial success, reporting a profit of N3.3 trillion for 2023.
Energy, Corporate Finance,Nigeria
https://mergersacquisitions.einnews.com/article/737604002/1tQU45vo_Rnv4sNC?ref=rss&ecode=Q1vNcweEggLWKz7L