Former Vice President of Nigeria, Atiku Abubakar, has called on the Nigerian government to explain the rapid approval granted to Oando Plc, a company owned by Chief Bola Ahmed Tinubu’s nephew, for the acquisition of AGIP and ENI’s onshore assets.
Atiku questioned why Oando received such preferential treatment while other transactions, including the Shell/Renaissance deal and the Mobil/Seplat transaction, continue to face delays.
In a statement released by his Special Assistant on Public Communication, Phrank Shaibu, Atiku criticized the Tinubu administration for allegedly favoring Oando in the oil and gas sector, potentially at the expense of more competent investors.
He accused the government of implementing a “sham” subsidy regime and failing to act in the best interests of the nation.
Atiku stated, “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.
“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.”
Atiku added, “In July 2023, the House of Representatives, 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.
“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 lamented.
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