…accuses Tinubu of implementing sham subsidy regime
Former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has tackled the President Bola Tinubu-led Federal Government over the accelerated approval given to Oando Plc, owned by Tinubu’s nephew, to buy the onshore assets of AGIP and ENI.
Atiku asked the Federal Government to explain the accelerated approval on the Oando/AGIP and ENI deal while other transactions, such as the Shell/Renaissance and the Mobil/Seplat deals, continue to suffer delays.
Atiku also accused the government of giving Oando undue preferential treatment in the oil and gas sector to the detriment of more competent investors.
Oando PLC had, in a statement posted on its website on Thursday, announced the successful completion of the acquisition of 100 per cent of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, for a total consideration of US$783 million comprised of consideration for the asset and reimbursement.
Oando Plc described the acquisition as a significant milestone in its long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.
“Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution,” said Oando PLC’s Group Chief Executive, Wale Tinubu.
But in a release signed by his Special Assistant on Public Communication, Phrank Shaibu, the former Vice President queried the transaction, even as he slammed Tinubu’s administration for implementing a sham subsidy regime. He also knocked the House of Representatives for failing to take proper action on the Nigerian National Petroleum Company Limited (NNPCL) which, he said, had gone ahead to “mortgage the country’s national oil assets to vested interests”.
“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,” Atiku said.
“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,” he said.
The former Vice President recalled that the House of Representatives in July 2023, 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,” Atiku said.
“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,” he said.
