₦airaland Forum

tolujohnso:
Sincerely we ain't ready for a true change in this country. What I see is hatred & antagonism to other tribes in power; rather than objective and constructive criticism that can lead to national development. Imagine critics who have never seen anything good d president has done since ascension. shall we continue like this and hope for a better Nigeria? It's well

seunmsg:
Atiku and the other poorly educated IPOB candidate and their supporters have been crying over an ordinary merger of two NNPC subsidiaries. Those clowns out of either sheer mischief or outright ignorance always make very simple decisions look so complex and dubious.

What exactly is wrong with NNPC merging two petroleum retail companies? What’s the rocket science in this that Atiku cannot understand?

Penguin2:
Tell NNPC to save their facts for the f00ls who drink Tinubu urine; they are the only ones that will take them seriously.

Tinubu is on a journey to make of Nigeria what he made of Lagos, and ours is to stay here and say, “we warned you.”

I hope when Peter Obi is sworn in 2027 he would be brutal enough to cancel all these rubbish contracts.

Ndi ala!

iwaeda:
The attention of NNPC Ltd. has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.

In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President".

He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Mr. Wale Tinubu held 49% stake.

He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

NNPC Ltd. wishes to set the records straight with the following facts:

1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.

2. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.

3. At the time NNPC Ltd. acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests, respectively.

4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.

5. The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.

6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.

7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.

8. The management of NNPC Ltd., under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.

9. NNPC Ltd. as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd. shall resist any attempt to draw its Board and Management into partisan politics.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

22 August, 2024

https://www.facebook.com/share/p/imE5h5ohhLgX8Znc/?mibextid=oFDknk

apexugroup:
. If you are comfortable with the president stealing our resources for his family and friends, others are not. I hope you feed from the crumbs. Every sane Nigerian should leave this country for all of you the Idoit’s.

justli:
And you believe this cooked up story? Nigerians are just so gullible and politicians can afford to play them like pawns. In this supposed merger, why didn't nnpc tell us the percentage they still control?

You want to clear out a misinformation and forgot the most important information: the % nnpc controls in this said merger.

seunmsg:
Atiku and the other poorly educated IPOB candidate and their supporters have been crying over an ordinary merger of two NNPC subsidiaries. Those clowns out of either sheer mischief or outright ignorance always make very simple decisions look so complex and dubious.

What exactly is wrong with NNPC merging two petroleum retail companies? What’s the rocket science in this that Atiku cannot understand?

seunmsg:
Atiku and the other poorly educated IPOB candidate and their supporters have been crying over an ordinary merger of two NNPC subsidiaries. Those clowns out of either sheer mischief or outright ignorance always make very simple decisions look so complex and dubious.

What exactly is wrong with NNPC merging two petroleum retail companies? What’s the rocket science in this that Atiku cannot understand?

kedeojo:
Honestly even if Tinubu is part owner of Oando but the company has been existence for many years now. What I will not support, if Oando is being favoured or buying government assets which none as happen. Atiku just want to add up to already tension in the country. This is purely political. As a vice president, his company Intel was so active and he was mostly operating onne port and taking profits more than the government. It was Buhari who reduced his power, thou political so that he could not make huge profit to challenge him. I am not surprised if children of hate and bad new are supporting Atiku. Their Messiah and Atiku both lost the election.

iwaeda:
https://www.facebook.com/share/p/imE5h5ohhLgX8Znc/?mibextid=oFDknk

seunmsg:
Atiku and the other poorly educated IPOB candidate and their supporters have been crying over an ordinary merger of two NNPC subsidiaries. Those clowns out of either sheer mischief or outright ignorance always make very simple decisions look so complex and dubious.

What exactly is wrong with NNPC merging two petroleum retail companies? What’s the rocket science in this that Atiku cannot understand?

Oghene86:
This was not the story initial the problem is nnpcl not coming out with a straight story, what we heard was OVH has taken over the retail outlet of NNPCL and not a merger of both companies. While they retain NNPCL

Throwback:
Misinformation is the biggest problem in Nigeria.

A lot of people have an anarchy mindset, so they are continuously fed by the media who give them what they want.

Gbogbowa:
can you hear yourself. NNPC acquired OVH which Wale Tinubu has 49%shares,NNPC now merge it subsidiaries into OVH which means that wale Tinubu now owns almost halve of NNPC subsidiary. Do you think we are fool like you.some one is taking over the future of hour children and you are supporting him because of ethnicity rubbish

TheGoodJoe:
4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.

Did you read the bolded before your tribalistic remark? The bolded is frightening and make people's fears look true.

Las Las, the situation of people's lives will show the effect of their actions and policies. You supported Subsidy removal by Tinubu more than this and we have seen the result.

TheGoodJoe:
The slow ones are those who supported the wrecking of our economy and rig polls.

seunmsg:
What is frightening about merging two fully owned subsidiaries of NNPC into one?

Penguin2:
Tell NNPC to save their facts for the f00ls who drink Tinubu urine; they are the only ones that will take them seriously.

Tinubu is on a journey to make of Nigeria what he made of Lagos, and ours is to stay here and say, “we warned you.”

I hope when Peter Obi is sworn in 2027 he would be brutal enough to cancel all these rubbish contracts.

Ndi ala!

Throwback:
This one is unhappy with the clarification.

Imagine the kind of people who want a new Nigeria?

Their unhappiness is that they are out of power, and continue to lose elections despite being political prostitutes and ticket hunters without any core ideology or defined manifesto.

Even claiming that a political loser like Obi will be sworn in by 2027 and cancel contracts.

Is he referring to the same Peter Obi who domiciled Anambra funds in his own Bank to get profit for his shares in that bank?

The same Peter Obi who invested public funds of Anambra in the same Brewery he had his own investment?

Why wasn't Peter Obi brutal to his own evident and factual corruption when he was Governor of Anambra state?

We urgently need to stop joking in this country.

Kukutenla:
Uuuugh such hypocritical sanctimonious BS!!
Aren't you even repulsed by the taste of the hypocritical bleating?
So do you believe it's true or not now that OBJ stole $16bn meant for power?
Is subsidy still a scam?
Do you think it's the honest truth that 50,49, 40, 20 billion dollars is missing in NNPC?
Oh. What about the $60bn the US intelligence told Oshiomole was stolen and kept in the US? Is it the gospel truth now from the only true opposition we've ever had in Nigeria?
I think you need to purge yourself of this barefaced hypocrisy laced with selective amnesia that's giving you the nerve to pontificate when you're fed with same poison you fed others.

Throwback:
I like how you are serving yourselves with poison while those whom you intend to hurt are watching it on the TV.

When you awake tomorrow, Bola Ahmed Tinubu is still the President of Nigeria.

seunmsg:
You were misinformed by the corrupt media.

olumidedvd:
But there is something I don't understand about this NNPC anymore, is not still Nigeria property and why is it still same Mele that is still the chairman? Is there no competent people again?

tolujohnso:
Your use of English reveal you are one of the unreal Nigerian but an ipob pig. I'm actually not talking to you guys; but to reasonable Nigerian from all regions.