Former Vice President Atiku Abubakar has raised concerns about the Nigerian National Petroleum Company (NNPC) Limited, alleging that it has been hijacked by “corporate cabals” around President Bola Tinubu. In a statement released on August 22, 2024, Atiku accused Tinubu’s family and associates of exerting undue influence over the oil industry, particularly through the acquisition of OVH, an oil industry operator.

Despite selling its downstream operations as far back as 2015, Atiku pointed out that President Tinubu’s alleged control of OVH, which is owned by Wale Tinubu’s Oando Plc, raises serious questions. Atiku believes that even after Tinubu leaves office, breaking the shackles of this alleged dominance will be nearly impossible. He drew parallels between Tinubu’s integration of business interests into Lagos’ public enterprises and his current attempts at the federal level.

The NNPC’s operations have also come under scrutiny. Atiku expressed astonishment at how the government-owned oil company allegedly put its retail arm under the control of OVH. Notably, Oando, led by Wale Tinubu, owns 49% of OVH. Atiku regretted that his intention to privatize the NNPC and increase transparency has been overshadowed by what he described as the criminal hijack of the NNPC by corporate interests around the current president.

In October 2022, NNPC Retail controversially announced its acquisition of OVH and all its filling stations. Despite having approximately 550 filling stations across the country, NNPC claimed it was enhancing its capacity by acquiring OVH, which had only 94 stations and 100 others leased. The NNPC did not disclose the purchase price or acquisition terms, and a Freedom of Information (FOI) request by Premium Times was rejected.

Atiku further alleged that Nigeria paid Wale Tinubu a significant sum to facilitate the Tinubu family’s acquisition of the national oil company. He criticized the move as illogical and an abuse of office, especially considering the provisions of the Petroleum Industry Act (PIA).

While acknowledging that the NNPC and its leadership are under legislative investigation, Atiku expressed skepticism about the credibility of the process due to vested interests. He believes that the future of Nigerians has been effectively mortgaged to President Tinubu, his family, and associates.