- Atiku Abubakar alleges that the NNPCL has been taken over by individuals linked to President Tinubu, mortgaging Nigeria’s future
- He criticizes the lack of transparency in NNPC’s acquisition of OVH, claiming it represents a “criminal hijack” by corporate interests
Former Vice-President Atiku Abubakar has raised serious concerns, alleging that the Nigerian National Petroleum Company Limited (NNPCL) has been taken over by a group of individuals closely linked to President Bola Tinubu. Atiku expressed fears that the future of Nigeria has been “effectively mortgaged” to Tinubu, his family, and associates, making it nearly impossible to undo this situation even after Tinubu’s tenure ends.
In a statement issued by his Media Adviser, Paul Ibe, Atiku drew parallels between the situation at the federal level and Tinubu’s control over key sectors in Lagos through companies like Alpha Beta and Primero. He accused Tinubu of replicating this model at the national level by using proxies to manage critical sectors and generate revenue for personal gain.
Atiku highlighted his dismay over NNPC’s operations, particularly its decision to place its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, owns 49%. He described this move as a “criminal hijack” of the NNPC by corporate plots close to the president, overshadowing his plans to privatize the NNPC and increase its transparency.
He pointed out that in October 2022, just five months before the elections, NNPC Retail controversially announced the acquisition of OVH and filling stations. Despite already having around 550 filling stations nationwide, NNPC claimed it needed to boost its capacity by acquiring OVH, which had only 94 stations and 100 leased ones. Atiku criticized the lack of transparency in the acquisition process, noting that the purchase price and terms were not disclosed, and a Freedom of Information request seeking this information was denied.
Atiku also criticized the retention of Mele Kyari as NNPC’s Group Managing Director (GMD), accusing him of incompetence, and condemned Tinubu’s appointment of Pius Akinyelure, his former boss at Mobil and current ally, as NNPC Chairman. Atiku argued that these appointments, along with Tinubu’s role as Minister of Petroleum, have led to a situation where OVH, previously owned by NNPC Retail, has now acquired NNPC Retail itself, effectively giving Wale Tinubu’s Oando a 49% stake in the company.
He expressed concern that the legislature is investigating these developments, but he cast doubt on the credibility of the investigation due to the vested interests involved.
Atiku also commented on the Lagos-Calabar Coastal Highway project, which he claimed is under litigation. He referenced a report by the Organized Crime and Corruption Reporting Project (OCCRP) that revealed a close relationship between Tinubu’s son, Seyi, and Gilbert Chagoury, who was awarded the contract for the highway project without competitive bidding. Atiku argued that this relationship represents a conflict of interest and criticized the approval of the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Coastal Highway projects, costing over $24 billion, without competitive bidding. He concluded that it seems President Tinubu gets whatever he wants, regardless of the implications for the country.