Former Vice President Atiku Abubakar has leveled serious accusations against the Nigeria National Petroleum Company Limited (NNPCL), alleging that it has been hijacked by corporate interests closely tied to President Bola Tinubu. In a statement released by his Media Adviser, Paul Ibe, Atiku expressed deep concerns about the current state of the NNPCL, citing its retail arm’s controversial acquisition of OVH, a company in which Oando, headed by Wale Tinubu, owns a 49% stake.
Atiku lamented that his intention to privatize the NNPCL to improve its transparency and operational efficiency had been undermined by what he describes as a “criminal hijack” of the company by powerful cabals surrounding President Tinubu. He pointed out that in October 2022, just five months before the presidential election, NNPCL Retail announced its acquisition of OVH and all its filling stations. While the NNPCL already owned approximately 550 filling stations nationwide, the acquisition of OVH added 94 stations, along with 100 leased locations. Atiku argued that this move has only strengthened the grip of private corporate interests on the government-owned oil company, to the detriment of the Nigerian people.
Atiku also expressed skepticism regarding the ongoing investigation into NNPCL’s operations, casting doubt on its credibility due to the vested interests of those overseeing the process. He specifically pointed to Senator Opeyemi Bamidele, who is heading the National Assembly panel investigating the matter, as a potential source of bias. According to Atiku, Bamidele is a known loyalist of Tinubu, having served as a commissioner under Tinubu’s administration in Lagos State and often referring to him as his political “godfather.” Atiku questioned whether Bamidele would conduct a thorough and impartial investigation that could potentially implicate Tinubu or his associates.
The former vice president also accused President Tinubu of turning Nigeria into a private enterprise, claiming that the nation’s resources and assets have been effectively mortgaged to Tinubu, his family, and his business associates. Atiku pointed to the parallels between Tinubu’s alleged business operations at the federal level and his business dealings in Lagos State, where companies such as Alpha Beta and Primero operate as Tinubu’s proxies, managing critical sectors and generating revenue for him and his family.
Atiku’s criticism extended to the Lagos-Calabar Coastal Highway project, which he described as fraudulent. He cited reports from the Organized Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists, which revealed that the project is currently under litigation due to questionable awarding practices. Atiku reiterated that the contract for the highway was awarded without competitive bidding and highlighted a close relationship between Tinubu’s son, Seyi Tinubu, and Gilbert Chagoury, the businessman who won the contract. Atiku argued that this relationship represents a clear conflict of interest, further calling into question the transparency and integrity of the project’s approval process.
He further noted that the approval of the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Coastal Highway, both of which are valued at over $24 billion, was granted without competitive bidding, reinforcing his claim that Tinubu’s presidency is driven by personal interests. According to Atiku, “whatever Tinubu wants, he gets,” and he expressed concern that it will be nearly impossible to disentangle Tinubu’s extensive influence from Nigeria’s economic and political landscape, even after the president leaves office.
Atiku’s statements reflect broader concerns about the potential entrenchment of corporate and personal interests in Nigeria’s state institutions under Tinubu’s administration. His remarks add to the growing chorus of critics who fear that the centralization of power and wealth among a small group of elites could further exacerbate inequality and hinder the country’s progress.
