The Nigerian National Petroleum Corporation (NNPC) Limited has categorically denied that Oando Plc and its CEO, Wale Tinubu, hold a 49% stake in the acquisition of OVH Energy. This rebuttal follows allegations by Paul Ibe, an aide to former vice president Atiku Abubakar, who claimed the acquisition by NNPC was part of a scheme involving Tinubu. NNPC’s spokesperson, Olufemi Soneye, clarified that Oando had divested its equity in OVH to Vitol and Helios by 2019, long before NNPC acquired OVH in 2022. The NNPC also stated that the merger between its retail subsidiary and OVH Energy is driven by strategic business considerations and profitability, emphasizing that the merger is ongoing with the new entity to be named NNPC Retail Ltd. This clarification aims to dispel rumors of involvement by corporate elites and personal interests in the acquisition.
Energy, Oil & Gas, Corporate Finance,Nigeria
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