August 22, (THEWILL) – Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Atiku Abubakar, said President Bola Tinubu has effectively mortgaged Nigeria’s future to himself, his family and associates.
The former vice president said even when President Tinubu finally leaves office, it would be nearly impossible for the nation to break free from his shackles.
Atiku, in a statement signed on Wednesday, by his Media Adviser, Paul Ibe, expressed shock at the operations of the Nigerian National Petroleum Company (NNPC) Limited and how the government-owned oil company had put its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, owns 49 per cent.
He expressed regret that his intention to privatise the NNPC and increase its transparency has been overshadowed by what he describes as its criminal hijack by corporate cabals around President Tinubu.
Comparing the integration of the President’s business interests into Lagos’s public enterprises to his efforts at the federal level, Atiku said, “Just as Alpha Beta, Primero, and others act as Tinubu’s proxies in Lagos, managing critical sectors and generating revenue for him and his family, he has begun to replicate this at the federal level.
“In October 2022, just five months before the elections, the NNPC Retail controversially announced it had acquired OVH and all its filling stations. NNPCL already had about 550 filling stations across the country but 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 of OVH or the terms of the acquisition. A Freedom of Information request by Premium Times was also rejected by the NNPC, which claimed to be a private company despite still being government-owned.
“Following this dubious deal, Mele Kyari was controversially retained as NNPC GMD despite his incompetence. Tinubu then appointed his former boss at Mobil, turned ally, Pius Akinyelure, as NNPC Chairman, while he himself took on the role of Minister of Petroleum.
“In a move that defies economic logic, OVH, previously owned by NNPC Retail, has now acquired NNPC Retail. This absurd situation means that Wale Tinubu’s Oando now owns 49 percent of NNPC Retail.
“Moreover, Nigeria paid Wale Tinubu a significant sum to facilitate the Tinubu family’s acquisition of the national oil company. This represents a clear case of illogical business transactions and abuse of office by President Tinubu, who has prevented NNPC from becoming a public liability company as stipulated by the PIA.”
The former vice president, however, acknowledged that NNPC and its leadership are under legislative investigation but expressed scepticism about the process’s credibility due to the vested interests of those conducting the investigation.
“Senator Opeyemi Bamidele, who is heading the National Assembly panel, is a known supporter of Tinubu. He served as a commissioner under Tinubu in Lagos State and publicly calls him his godfather. Given that Tinubu is the Petroleum Minister, he should be held responsible for the sector’s issues. I doubt Bamidele will conduct a thorough investigation that might implicate his patron,” he said.
On the Lagos-Calabar Coastal Highway project, he said, “I had earlier claimed that the Lagos-Calabar Coastal Highway project was fraudulent, but the government denied it. Now, the matter is in court. It is also concerning that Chagoury and Tinubu have a business relationship, and their children are business partners, as revealed by the OCCRP.
“This indicates a conflict of interest. It is no surprise that the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Coastal Highway, which together will cost over $24 billion, were approved without competitive bidding. It seems that whatever Tinubu wants, he gets.”
