The Nigerian National Petroleum Company Limited (NNPCL) has announced the completion of the initial phase of merging NNPC Retail Ltd with OVH. Contrary to allegations made by Paul Ibe, media adviser to former Vice President Atiku Abubakar, that the merger was driven by political motives and incorrectly claimed that business interests connected to President Bola Ahmed Tinubu had stakes in the deal, NNPCL clarified that the merger was conducted solely on commercial principles. NNPCL emphasized that its management’s investment decisions are based solely on commercial viability and national interest. NNPCL also clarified that Oando, previously associated with Wale Tinubu, divested its equity in OVH to Vitol and Helios in 2019. NNPCL reported a profit of N3.3 trillion after tax in its 2022 Audited Financial Statement, underscoring its profit-driven operations.
Energy, Private Equity,Nigeria, International
https://mergersacquisitions.einnews.com/article/737784802/u0xbR1TtmYs0nF-P?ref=rss&ecode=Q1vNcweEggLWKz7L