Former Vice-President Atiku Abubakar has raised serious concerns, accusing a group close to President Bola Tinubu of taking control of the Nigerian National Petroleum Company Limited (NNPC Ltd).
Atiku claims that this situation has led to the future of Nigeria being “effectively mortgaged to President Bola Tinubu, his family, and associates.”
In a statement released by his media adviser, Paul Ibe, Atiku expressed his alarm over what he describes as the “criminal hijack” of the NNPC Ltd by those close to the current administration.
He compared the situation to Tinubu’s alleged control over critical sectors in Lagos through proxies like Alpha Beta and Primero.
“He has begun to replicate this at the federal level,” Atiku stated.
Atiku pointed out specific instances where he believes this influence is evident. He noted that the retail arm of the NNPC Ltd has been placed under the control of OVH, a company where Oando, led by Wale Tinubu, owns a 49% stake. Atiku argued that this move reflects a broader strategy by the Tinubu administration to centralize power and wealth within a close-knit circle.
“In October 2022, just five months before the elections, the NNPC Retail controversially announced it had acquired OVH and all its filling stations,” Atiku explained.
He further criticized the lack of transparency surrounding this acquisition, including the undisclosed purchase price and terms of the deal. According to Atiku, attempts to uncover these details through a Freedom of Information request were rejected by the NNPC, which claimed to be a private entity despite still being government-owned.
Atiku also expressed frustration over the retention of Mele Kyari as NNPC Group Managing Director (GMD), despite what he describes as Kyari’s “incompetence.”
He added that Tinubu has appointed Pius Akinyelure, a former colleague and ally from Mobil, as the NNPC Chairman, while Tinubu himself holds the role of Minister of Petroleum.
“This represents a clear case of illogical business transactions and abuse of office by President Tinubu,” Atiku remarked.
He went on to criticize the recent developments where OVH, previously owned by NNPC Retail, has now acquired NNPC Retail.
“This absurd situation means that Wale Tinubu’s Oando now owns 49% of NNPC Retail,” Atiku said, highlighting what he sees as a conflict of interest and misuse of power.
Atiku acknowledged that the NNPC’s operations and leadership are under legislative investigation but expressed doubts about the credibility of the process, given the involvement of individuals with vested interests.
“I am skeptical about the legislative investigation due to the compromised interests of those conducting it,” he stated.
Furthermore, Atiku addressed the controversy surrounding the Lagos-Calabar Coastal Highway project, which he said is currently under litigation. He pointed to a report by the Organized Crime and Corruption Reporting Project (OCCRP), which detailed a close relationship between Tinubu’s son, Seyi, and Gilbert Chagoury, who was awarded the highway project contract without competitive bidding.
“This indicates a conflict of interest,” Atiku argued, emphasizing the lack of transparency and fairness in the awarding of the project.
Atiku concluded by voicing his concern over the approval of the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Coastal Highway projects, which are estimated to cost over $24 billion.
He criticized the process, stating, “It seems that whatever Tinubu wants, he gets,” and warned of the long-term implications of these decisions on Nigeria’s future.