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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
Nigerian deportees from UAE arrive in Abuja airport
Nigerian deportees from UAE arrive in Abuja airport
Nigerian deportees from the United Arab Emirates (UAE) have arrived in the country, as revealed by the Nigerian Television Authority (NTA).
The deportees, numbering 400, were received at the Nnamdi Azikiwe International Airport, Abuja on Wednesday.
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Sharing information about the arrival on X, the aforementioned news platform penned: “Four hundred Nigerians, including 90 females and 310 males, have been deported from the United Arab Emirates back to Nigeria.
“They were received at the Nnamdi Azikiwe International Airport, Abuja, by the office of the National Security Adviser in collaboration with the National Commission for Refugees, Migrants, and Internally Displaced Persons, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), the National Emergency Management Agency (NEMA), and other stakeholders.”
Nigerian deportees from UAE arrive in Abuja airport
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Tinubu visits King Charles at Buckingham Palace
Tinubu visits King Charles at Buckingham Palace
President Bola Ahmed Tinubu recently visited King Charles at Buckingham Palace, aiming to reinforce diplomatic ties and partnerships between Nigeria and the United Kingdom.
According to presidential aide Segun Dada, the discussions centered on deepening the long-standing relationship between both nations.
This visit marks the second time President Tinubu and King Charles have met, following their initial encounter in November 2023 during the United Nations Climate Change Conference (COP 28) in Dubai, UAE.
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While specific details of their discussions were not disclosed, the ongoing engagement between Nigeria and the UK underscores shared interests in addressing global challenges and fostering economic development.
This high-level interaction reflects the importance both countries place on collaboration in areas such as trade, climate action, and international diplomacy.
Tinubu visits King Charles at Buckingham Palace
News
Nigerian man bags 12 years jail for $200K fraud in US
Nigerian man bags 12 years jail for $200K fraud in US
A Nigerian citizen, has been found guilty of aiding in an attempt to defraud a North Dakota law firm through false digital transfers. According to the US Attorney’s Office for the District of North Dakota, between November and December of 2020, Christopher Agbaje, along with others, purported to be a business owner in a legal dispute with a Bismarck company, and entered into a fake attorney-client relationship with the firm. After a series of false statements and promises, the firm received a parcel containing a fraudulent Citibank check payable in the amount of $198,850.00, which was deposited in their bank account. At the purported business owner’s request, the firm then sent a $198,336.68 wire transfer to Agbaje’s business partner.
After the transfer, Agbaje directed his partner to initiate a fake $180,000 international transfer to conceal the money’s location, ownership, and control. Upon hearing that law enforcement officers were actively conducting a fraud investigation on the transfer, he reportedly instructed his business partner to “gain leverage”, “press on”, and “claim naivety.”
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Agbaje was originally extradited from the United Kingdom to North Dakota in February 2024, where he faced five different charges. While he was cleared of Wire Fraud and Mail Fraud in May, the suspect was also found guilty of Money Laundering, Aiding and Abetting Wire Fraud, and Aiding and Abetting Mail Fraud.On September 11, Agbaje was sentenced to 142 months in prison, and must pay the firm $188,935.74 in restitution.“This strong sentence shows that international fraudsters cannot hide from justice,” United States Attorney Mac Schneider said. “When North Dakotans are the victims of fraud, our prosecutors and law enforcement partners will work internationally to hold defendants accountable in a federal courtroom in Bismarck or Fargo.”
“Today’s sentencing demonstrates that no fraud scheme is beyond the reach of justice, no matter its complexity or scope,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Those who engage in fraudulent schemes will be met with swift and decisive action. The FBI will continue to work with partners across the globe to protect the financial security of the American people from those who seek to exploit it.”
Nigerian man bags 12 years jail for $200K fraud in US
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