Atiku Abubakar also suggested that the acquisition of OVH by NNPC Retail Ltd. was part of a broader scheme by President Bola Ahmed Tinubu to integrate his personal business interests into federal public enterprises.

NNPC clarify these assertions with the following points:

1. **Commercial Integrity and Professional Management**: NNPC Ltd. operates as a commercially-focused, profit-driven entity managed by seasoned professionals. The company is committed to adding value to the nation, and all investment decisions are made based on commercial viability and national interest.

2. **Timeline of OVH Acquisition**: In 2022, NNPC Ltd. acquired OVH, but it's important to note that by this time, Oando—where Mr. Wale Tinubu holds equity—had already divested its stake in OVH. Oando began its divestment process in 2016, with Vitol and Helios joining as equity partners, leading to the rebranding from Oando to OVH. By 2019, Oando had fully exited its equity position, leaving Vitol and Helios with equal shares of 50% each.

3. **Subsidiary Merger Strategy**: Following the acquisition, NNPC Ltd. chose to merge NNPC Retail Ltd. into OVH based on professional advice and sound commercial reasoning. The merger's first phase is complete, and the process of renaming the combined entity as NNPC Retail Ltd. is underway.

4. **Rejection of False Claims**: NNPC Ltd. categorically denies any involvement of Wale Tinubu or President Bola Ahmed Tinubu in the OVH acquisition. These claims are unfounded and misleading.

5. **Performance and Profitability**: Under Mr. Mele Kyari’s leadership, NNPC Ltd. has demonstrated strong financial performance, as reflected in its 2023 Audited Financial Statement, which reported a profit after tax of N3.3 trillion. The company’s success is a testament to effective business leadership, measured by financial results rather than baseless allegations.

6. **Commitment to National Interest: As a commercial entity, NNPC Ltd. remains politically neutral and is dedicated to national interest and value creation for all stakeholders. The company will continue to resist any efforts to entangle its Board and Management in partisan politics.