Former Nigerian Vice President, Atiku Abubakar, has called on the administration of President Bola Tinubu to clarify the circumstances surrounding the swift approval granted to Oando Plc for the acquisition of AGIP and ENI’s onshore assets.
The transaction involving Oando, a company owned by Tinubu’s nephew, has raised concerns, especially since other oil industry transactions like the Shell/Renaissance deal and Mobil/Seplat acquisitions have been delayed.
In a statement issued by his Special Assistant on Public Communication, Phrank Shaibu, Atiku criticized the government’s alleged favoritism towards Oando in the oil and gas sector. He claimed that this preferential treatment has disadvantaged more qualified investors.
Atiku also condemned the current administration’s management of the country’s oil industry. He accused Tinubu’s government of operating a “sham subsidy regime” and criticized the Nigerian National Petroleum Company Limited (NNPCL) for allegedly prioritizing private interests over national welfare.
He expressed disappointment with the Nigerian House of Representatives for its inaction regarding the NNPCL, accusing the body of allowing the company to “mortgage the country’s national oil assets to vested interests.”
He said; “Within just eight months, the Nigerian Upstream Production Regulatory Commission, NUPRC, approved a deal which saw the divestment of ENI/AGIP onshore assets to Oando. Within that same period, Nigeria controversially withdrew all litigation against Shell/ENI in the OPL 245 scandal in what has been described as a quid pro quo.
“Ideally, democracy ought to be the government of the people, for the people, and by the people. But democracy in Nigeria has become the government of Tinubu, by Tinubu, and for Tinubu and his family members.”
Atiku added, “In July 2023, the House of Representatives, following the adoption of a motion moved by Miriam Onuoha directed NNPC Ltd to suspend the acquisition of OVH assets pending an investigation by its committee.
“The House ad-hoc committee requested the NNPC Ltd to furnish it with information about registration documents/history from CAC for OVH, Nueoil, and NNPC Retail Limited (NRL), Board Resolution of NNPC Ltd on purchase of OVH, Audited Financial Statement and Management Accounts from 2015 to date of OVH, Nueoil, NRL and NNPC Ltd and the payroll from 2015 to date for NRL and OVH; Board Resolution of NRL/CHQ for movement of head office to Lagos and evidence of Tax Payments for NRL and OVH from 2015 to date.
“The NNPC ignored all these and went ahead to transfer its ownership and properties in its retail arm to OVH, thereby mortgaging the future of Nigerians”.
