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Wale Tinubu has no interest in OVH Energy acquisition, NNPCL replies Atiku
Wale Tinubu has no interest in OVH Energy acquisition, NNPCL replies Atiku
The Nigeria National Petroleum Company Limited (NNPCL) has said its investment decisions are strictly determined on the basis of commercial viability and national interest.
It spoke in response to former Vice-President, Alhaji Atiku Abubakar, who claimed that cabals linked to President Bola Tinubu had hijacked the national petroleum company.
Atiku, in a statement signed by Paul Ibe, his Media Adviser, said, “Just as Alpha Beta, Primero, and others act as Tinubu’s proxies in Lagos, managing critical sectors and generating revenue for him and his family, he has begun to replicate this at the federal level.”
He also expressed surprise at the operations of the NNPC and how the government-owned oil company had put its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, owns 49%
But reacting to Atiku’s comment, NNPCL in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, clarified that the NNPCL is a commercial entity devoid of “political interest.”
“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition,” the NNPCL said.
Soneye explained that at the time NNPC Ltd. acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the other partners – Vitol and Helios.
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Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests, respectively.
He said, “Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.”
He further explained that the first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.
The statement added, “We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.
“As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.”
Soneye stated that the management of NNPC Ltd., under the leadership of Mr. Mele Kyari, “has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.
“NNPC Ltd. as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd. shall resist any attempt to draw its Board and Management into partisan politics.”
Wale Tinubu has no interest in OVH Energy acquisition, NNPCL replies Atiku
News
NNPC has no right setting price of Dangote petrol – Falana
NNPC has no right setting price of Dangote petrol – Falana
Human rights lawyer, Femi Falana, SAN, says the Nigerian National Petroleum Company Limited, NNPCL, do not have the power to fix the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.
Falana said the NNPCL action violated the Petroleum Industry Act, PIA, which stipulated that the price of petrol must be determined by the market forces
In a statement on Tuesday, the legal luminary said it was an aberration for the NNPCL to peg the price of petrol produced and refined in Nigeria at 950 per litre.
“On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.
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“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces.
“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.
“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc,” he said.
Falana’s outburst followed the commencement of PMS lifting by the NNPCL from the Dangote Refinery.
You would recall that as soon as lifting commenced, NNPCL announced that the product would sell for N950 per litre in Lagos State and its environs, and above N1,000 per litre in states such as Borno.
Reacting, the Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday, criticised NNPCL, saying it was not right for petrol lifted from the Dangote Refinery to cost higher than imported ones
NNPC has no right setting price of Dangote petrol – Falana
News
Coffee prices double in Nigeria after global supply disruptions
Coffee prices double in Nigeria after global supply disruptions
Nigeria is feeling the impact of the global coffee crisis as futures prices surge by over 30% due to severe supply disruptions caused by drought in Brazil, the world’s largest Arabica coffee producer.
In Nigeria, coffee prices have doubled in 2024, with popular brands like Nescafe and TopCafe experiencing significant hikes.
For instance, “Nescafe 3 in 1” spiked to N34,000 per carton in August, up from N28,000 in May, and a steep rise from N18,000 last year.
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The rainfall shortage in Brazil, which began in April, has led to a sharp decline in coffee production, sparking a global rush to secure supplies.
This has driven up coffee futures, with U.S. Coffee Futures and Arabica Futures both soaring by more than 30% in 2024, impacting markets worldwide, including Nigeria.
Coffee prices double in Nigeria after global supply disruptions
News
UN donates $6m to support Borno flood victims
UN donates $6m to support Borno flood victims
The United Nations has announced the donation of a $6 million fund in support of the Maiduguri flood victims in Borno State.
In a statement on Tuesday, the UN’s Humanitarian Coordinator in Nigeria, Mohammed Fall, said a joint mission comprising UN agencies and non-governmental organisations (NGOs), alongside the Nigeria Red Cross Society, visited the main city of Maiduguri over the weekend.
According to Fall, the team met with people who had been impacted, many of them had already displaced multiple times by conflict and insecurity in the area.
The flood was caused by an overflow in the Alau Dam located just over 10 miles to the south of Maiduguri.
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“We and our partners are providing them with hot meals, we are facilitating air drops of food in hard-to-reach areas cut off by flood waters, and we are also trucking in water.
“We are also providing water and sanitation hygiene services and water purification tablets to stem disease outbreaks.
“This is in addition to supplying hygiene and dignity kits to women and girls, as well as emergency health and shelter services.”
He added that the staff of the UN Office of the Coordination of Humanitarian Affairs were also working closely with donors to secure additional funding.
UN donates $6m to support Borno flood victims
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