News
NNPC Tinubu’s milk-cow – Atiku *Why refineries remain comatose after $20billion
For the umpteenth time, Atiku Abubakar, former Vice President of Nigeria, on Sunday, got on the case of the Nigerian National Petroleum Company Limited (NNPCL), dismissing body as a mere cash-cow for President Bola Tinubu and his government.
In recent times, the former VP, had made a series of allegations linking the President and his family to several underhand dealings at the company, seen as Nigeria’s goose that lays the golden eggs, stating that the stranglehold he (Tinubu), had thrown around the neck of the company, would not only mortgage Nigeria, but would be difficult to untangle in future.
A fortnight ago, Atiku, presidential candidate of the Peoples Democratic Party (PDP), had said in a statement by Paul Ibe, his spokesman that Tinubu, was bent pocketing Nigeria in replication of what he did in Lagos, where he was governor between 1999 and 2007.
“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% 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.”
But in a quick riposte, the NNPCL, came out with instant rebuttal, saying the Tinubu family had no hand in the OVH deal, stating that the entity remained a commercially-focused and profit-driven company managed by professionals, who were committed to adding value to the nation.
In a statement by Olufemi Soneye, its spokesman, the NNPCL, stated: “Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest. 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 two 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.
“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.
“The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.
“Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition. “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.
“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.
“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.”
Regardless, Atiku, on Sunday, launched another attack, demanded the immediate listing of the company on the stock exchange in line with the Petroleum Industry Act, following the declaration by the company at the weekend to hand over the Warri and Kaduna refineries to private operators to manage.
Railing against the decision, the former VP, said: “The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.
“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development. The NNPC Limited continues to provide a cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy, raising questions about the independence that the PIA requires of the NNPC Limited as a private business concern.”
Stressing that previous arrangements and concessions had not worked because of a lack of transparency in the contract award process as well as the failure of the government to attract investors, Atiku added that for such a deal to succeed at all, the Bureau of Public Enterprise (BPE) and a credible technical partner like Standard and Poor’s must be part of the process.
His words: “Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.
“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere. It is also curious that a government that is still paying petrol subsidy is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?”
While questioning the feasibility of the NNPC’s latest plan even as he pointed out that such arrangements in the past had not been profitable, he added: “The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed the Ajaokuta Steel Company, was not able to make the facility profitable.
“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.”
He advised the NNPCL not to make the contract process opaque like it did with OVH last year, which was not only dubious but has still failed to boost the NNPCL’s petrol sufficiency as evidenced by the months long fuel scarcity, adding: “In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations.
“Barely eight months later, OVH turned around to take over NNPCL Retail. This convoluted transaction was done in order to hide the corruption involved. If this is the approach that the NNPCL wants to use in handing over its refineries to private hands, then Nigerians should not expect any positive development whatsoever.”
By Sunny Igboanugo
The more things change, the more they remain the same, is the English translation of plus ça change, plus c’est la même chose, the 1849, epic lines of French writer Jean-Baptiste Alphonse Karr.
It is exactly 176 years today. Yet, those lines have remained eternal – a demonstrable example of the fixated nature of human mind and the culture of returning to the convenience of old practices rather than learning new things – the bane of most societies.
In 1998, Sani Abacha, the late military General who till date still hugs the history of being Nigeria’s most despotic leader, was on his way to transmuting into a civilian President. Remember the deafening din then from the political class and how everything was wrapped up towards achieving that end.
Faced with international pressure and domestic discontent, Abacha who obviously wanted to be Nigeria’s example of what Yoweri Museveni represents today in Uganda, appeared determined to show the world the democratic side of his iron-cast mien.
So, he went to work. The “democrat” he was, he went about returning Nigeria to his version of democratic rule his own way. Having effectively destroyed the platform on which Moshood Kashimawo Olawale (MKO), Abiola was demanding his mandate, it was naturally apposite for him to move to the next stage of conquering Nigeria permanently.
His consigliere must have advised him on how to go about the project. So, in, came the United Nigeria Congress Party (UNCP), Congress for National Consensus (CNC), Grassroot Democracy Movement (GDM), Democratic Party of Nigeria (DPN), and National Center Party of Nigeria (NCPN), the five political parties that Abraham Adesanya, then leader of the National Democratic Coalition (NADECO), aptly described as the five fingers of a leprous hand.
Remember many people believed that each of them came from the cooking pot in the inner kitchen of Aso Rock where Abacha and his inner cabal were churning out all manner of wacky dishes and forcing them down the throats of Nigerians.
I’m sure you still recall how each of the party leaders paid homage to the same Abacha and on bended knees begged him to remove his Khaki and transmute to civilian President. They not only did that, but one after the other each of them held their conventions, with one outcome – his adoption as presidential candidate.
So, if death had not struck at the time it did and Abacha did not give way on that fateful day of Monday, June 8, 1998, what it means is that there would have been no contest. He would simply have strolled out from the Villa gate as military Head of State and strolled back in as civilian President. It would be that simple.
Now, don’t get it twisted. This was a time Nigerians considered in history as their darkest period. Never had they known such psychological, if not physical torture – a time people – the ordinary folks, only managed to speak in whispers not knowing who would be listening – when the fear of the ubiquitous Abacha Boys – euphemism for the killing machines looming at every corner – became the beginning of wisdom.
In other words, behind the leadership of those political parties and the general political class trooping to the Villa to make their pitch before the notorious military despot, were millions of Nigerians practically reeling under the gruesome environment of fear that signposted the iron-fist era.
Yet, at the feet of the military General and before television cameras thereafter, these political leaders told the world that their message came direct from their people, who were so happy that God had given the country such a leader with the key to the storehouse of all the goodies beyond the imagination of the human mind.
Today, Nigeria is back to the same darkroom. It is like a reel delivering the images on the huge screen, with spectators who witnessed the past, screaming in unison – Abacha! The only difference is that there are no dark goggles and the man behind them has no tribal marks or does not cut some dummy mien to cover up his steely heart.
Today, the man we have on the bloc is Bola Ahmed Tinubu, the Asiwaju of Lagos, the Jagaban Borgu. His imprimatur is not the Abacha goggles. It is a special cap with a peculiar print, some say mimics a broken chain, that is supposed to announce freedom.
What a contradiction in terms regarding the freedom in Nigeria presently. But beyond the marked difference in their physical appearance and their historical background, beyond their individual approach and mannerism, expectedly so, is a notorious binding factor – love for power.
Of course, Nigeria is replete with reluctant leaders, who had power entrusted on them rather than seek it. Yakubu Gowon, Shehu Shagari, Olusegun Obasanjo, Goodluck Jonathan, who at one time or the other had the opportunity of being at the helm of affairs, either as military or civilians, are some of the most common examples.
But not Abacha and not Tinubu. Both not only loved power, they also demonstrated that they knew their way to it. They seemed to have equally been gifted a natural, unique and potent knack for manipulation. For instance, those who knew Abacha, say, right from the time he was a junior officer, he had his eyes on the seat of the Commander-in-Chief.
To achieve his goal, he was said to have his hand in all the successful coups that brought in each military leader so that by the time he finally went for the big prize himself, it was like cruising on a smooth, wide boulevard.
With Tinubu, the story is no different. Every political coup that was ever hatched in Nigeria, since he happened on the scene, especially since becoming the Governor of Lagos State in 1999, issued from his manipulative machine, such that in 2023, as others were struggling, crisscrossing Nigeria with steamy, energy-sapping campaigns, he was actually picking his teeth quietly and contentedly, in a manner that defied logic.
The only time he ventured on the scene were his cameo appearances at political grounds, where he merely entertained his audience with some uncanny acts – acts that more or less confused, rather than convinced them.
From his Emilokan delivery in Abeokuta to the Balablu Bulaba in Owerri – from his raising his walking stick like a comedia in Port Harcourt during the singing of the National Anthem to his dancing Lololo-Buga of Kiss Daniel, at the lunch in London after the Chatham House appearance, it was clear that though Nigerians, intrigued at the entire show, made jokes about it, the man knew where he was headed and how to get there.
So, today, when you see Umo Eno, Governor of Akwa Ibom State, swearing on behalf of his people that it is Tinubu till 2031, just cast your mind back to that notorious era of pilgrimage to Abacha. But don’t forget to pity and say a prayer for him. He needs it.
When Chukwuma Soludo, who is supposed to be the most intelligent and gifted governor in Nigeria today, by his attainment, is caught tongue-tied – when you see him demure or make a case for Tinubu’s outlandish policies, in spite of himself, don’t be surprised. The lion is on a leash.
When last did you hear from Bala Muhammed, who had tried to break off from the park to assume the role of an opposition governor? He has since retreated. So quickly so soon after! Was he not the one who read the resolution announcing that governors of the Peoples Democratic Party (PDP), would not sign in to any form of coalition or merger – a move clearly interpreted as a fait accompli, and a metaphor for blanket endorsement of Tinubu and APC for 2027.
Of course, Eno was not lying when he told his audience the forum where he endorsed Tinubu that some of his colleagues were visiting the Presidential Villa at night to pledge their loyalty. But that also is only a matter of time. What is hidden would soon be laid bare. Already the names of Sheriff Oborevwori of Delta and Peter Mba of Enugu are appearing on the horizon.
Yes! Unlike Abacha, Tinubu has no guns or better-put, not adept at their use even as a C-in-C. But no gun is needed either. The subsequent elections since he assumed power in May 2023, is enough to make them wiser. If they are not convinced about the governorship polls in Kogi, Imo and Bayelsa, the latest in Edo, is enough to make them wiser and more prudent, should they hitherto harbour any independent ideas.
Yes! Like in the time of Abacha, who superintended a Nigeria that was under a siege, with citizens praying to higher beings for redemption, Nigerians have again descended on their knees begging God to save them from Tinubu.
Like that evil era, those leaders, political, religious and temporal, who pay daily pilgrimages to Aso Rock today, bear their own stories. The accolades they donate to Tinubu, like the ones showered on Abacha are not from the people.
Yesterday, they called Abacha a fearless leader for confronting world leaders who dared him to mend his evil ways, today, they praise Tinubu as bold and courageous, for his evil policies that have seen Nigerians practically scaling over the Third Mainland Bridge and donating their bodies as meals for the fishes and other ocean serpents inhabiting the underbellies of the Lagos Lagoons, almost daily.
I could imagine how Tinubu would be nodding each time the governors individually or in groups are flat on their bellies in the dead of the night while paying obeisance. The feeling must be of inebriation – of spiritual and physical satiation. Not that he would believe them – Abacha obviously wouldn’t have believed his courtiers – but he would know where they are coming – Fear!
Those who read Want to Stay Alive by James Hadley Chase, would recall Pok Toholo schooling his recruit that fear is the key that opens the wallet of the wealthy. On the flipside, it is the same fear that today opens the hearts, minds and hands of Nigerian politicians.
So on that D-day, when Nigerians will return to the polls, one thing is sure. The governors will mark their duty posts. Their remit would be to ensure that you, me and millions of Nigerians, our times under the sun or rain to cast our votes would be wasted.
They will work with men and women of the Independent National Electoral Commission (INEC) – the most corrupt institution of the world – to count – not the votes of the people, but in complete opposite manipulate them. The various government houses would be busy changing the figures to deliver at the collation centres.
At the collation centres the manipulated results would be delivered to university professors – the same people complaining of poor academic environments and multiple other inadequacies – they will take it from there, smoothen the rough edges before the final nail is used to seal the job by the oga patapata of INEC.
For those unfortunate enough to approach the courts, they know what to expect. I won’t be the one to say so. That judges at those courts would ask them to produce the scrotums of ants to prove their cases would not be mine to forewarn them.
So, when Tunde Bakare, cried out on Sunday at what he called the capture of the legislature by Tinubu, through his Motor Park Politics, I could only permit myself some laughter. He did not only fall short by a wide margin, he came to the party too late. Why only the legislature? Why not Nigeria? Who owns the opposition? Where is the judiciary captured?
The cleric was correct in his assertion that were the Third Term idea which failed in 2006 been floated under Tinubu’s National Assembly, it would have been a fair accompli. But who says Nigeria has escaped from it? Under Abacha, the Catholic Bishops of Nigeria designed Prayer to Nigeria In Distress.
May be today they should be designing another one aimed at skewing the mind of Tinubu away from conceiving the idea. For if he does, Nigeria would be on its way to Cameroun’s Paul Biya or Museveni’s Uganda. Who stopped Abacha? Who would stop Tinubu outside God
My name is Sunny Igboanugo and I’m The Tiny Voice!
The kids bulldozed into the room at exactly 12 midnight today, April 21st, with the birthday song dancing and thanking God for the gift of another year for the Mummy General of the House.
A woman who holds my breadth and who has changed my life for good. She is organised, creative and a manager of repute. She has kept the House on course throughout this last 25 years of our union and seven years after my mum decided to travel.
I respect her intelligence and commitment to the growth of the union. I can’t thank God enough for the privilege to have her as my soul mate. In my several times of crisis of direction and choice, she has come handy with rich counsel and worthy advice.
Not once, not twice, has she saved the House from disgrace and ridicule. I salute her commitment to a flourishing marital life, her love for my children and relations, and her leadership qualities. A viteous woman, prayer warrior, and counsellor.
On behalf of the House of Louis of Umuozoke, Umufele, Ibute Amaeke Ngwo of Enugu State which I presently head, I pray that God will continue to bless and honour this woman of inestimable value, the support base and motivating spirit behind our success story.
Ebuka, Dera, Chigo, Chinwe, Ebube and I celebrate and honour you today and always. Rise and shine for your God is alive and will continue to be there for you. Pls spare a prayer for her and thank God for her life.
For Goodluck Jonathan, Nigeria’s President – 2010-2015 – making peace – an attribute which he demonstrated by becoming the first Nigerian at that level to be voted out of power – will remain his major life’s pursuit on earth till his last breath.
The former Governor of Bayelsa State and later Vice President, had made history and gained national and international acclaim when he saved a troubled Nigeria from anxiety by throwing in the towel to acknowledge defeat at the 2015 presidential election that pitted him against Muhammadu Buhari, President – 2015-2023.
He pledged to continue do more by devoting his life to the promotion of peace and service to humanity in the country and across the globe, before the gathering on Sunday in Abuja at a reception organised by the “Friends of Dr Goodluck Jonathan” on his receiving the 2025 prestigious Sunhak Global Peace Prize Award in Seoul, South Korea.
The former President, who said stressed that it had always been his desire to impact lives and promote peace in his space, added: “I wouldn’t say much, but only to thank you and to reassure you that my commitment to peace will continue. I will continue to do my little best until the last day I live on earth. I believe that’s the only way I can serve God, by serving man.”
Jonathan said that though he suffered while growing up as a child because of his humble background, he always felt sad seeing people suffering or seeing a country going through crisis.
The former governor of Bayelsa added that it was his desire to see that no Nigerian suffer any lack, even though it was not so easy or possible for any president to achieve that.
“That has been my fear, and that was why I was very reluctant when I was approached to come to the centre, to be a Vice President. I said, look, Bayelsa is a small state. Let me see what I can do with this small state, whether I can make significant changes, but today here am I.”
Jonathan, while appreciating the organisers of the Sunhak Global Peace Prize Award for counting him worthy, saying, he never expected it, also expressed delight at the reception for the great honour, even though he initially declined it.
“I also appreciate all those who attended this reception. I have listened to the comments from all of you, and I can only say thank you for those good words. They are quite encouraging,” he said.
Peter Obi, presidential candidate of Labour Party (LP), in 2023, who was the Chairman of the occasion, said that Nigeria would continue to celebrate Jonathan for the sacrifices he had made to make the country peaceful, added that everybody who knew what the former President represented and the hope he had brought to Nigeria’s democracy, would not fail to celebrate him.
His words: “There is no special day to celebrate this award other than today, Easter Day, which is a day of sacrifice. We will continue to celebrate you for the sacrifice you made for this country to be at peace. You have put in a lot of effort to ensure there is peace in Nigeria, Africa and the world as a whole.”
Azibaola Robert, Managing Director of Kakatar Group, who initiated the occasion as the Chief Host, explained that the friends of the former President found it worthy to celebrate him for the global recognition, describing him as someone who has a strong passion for peace.
Stressing that the event was an appreciation of the pattern of life that Jonathan had lived and for the impact he had shown as a politician and a statesman, he said Jonathan, as a brother, had created a big character that is very hard to step in for because every day there is a new lesson to gain from his presence, describing him as a God-sent not only to his Bayelsa people but to Nigeria and the rest of the world.
Hassan Tukur, a former Principal Private Secretary to the former President, while speaking glowingly about him, while describing the Award as well-deserved, said Jonathan had demonstrated his love for peace during the crisis in Côte d’Ivoire, Kenya, Guinea-Bissau and many other countries across the globe during and after his tenure as president of Nigeria.
He recalled how Jonathan led ECOWAS, AU and UN to restore peace in Côte d’Ivoire in the aftermath of the crisis that followed the disputed 2010 presidential runoff election between former President, Laurent Gbagbo and his former Prime Minister Alassane Ouattara.
Hear him: “Without President Jonathan’s intervention, the peace wouldn’t have been possible. He saved lives, he saved people, and he saved the Republic of Côte d’Ivoire. Today, the country is one of the most peaceful countries in this sub-region.
“There was also a crisis in Mali when Jonathan was in office. He was the only President that took his plane and went to Mali in the middle of a crisis, sitting down there for 12 hours negotiating with all the various interested parties. Up to date, the Malians are grateful that he was the only sitting president who visited their country in the height of their crisis and addressed their problems.”
Also citing how the former President saved Kenya from going to war that would have claimed many lives in that country, Tukur said that even after leaving office, the Goodluck Jonathan Foundation had continued working hard to promote peace in the region.
“This honour is not only to former president Jonathan and his family but to Nigerians and the country. He is a humanist. He is a man of peace. He is a man of integrity. And he is a man of foresight,” he said.
Former Minister of Information Labaran Maku described Jonathan as a patriot and transformer, in which the country would continue to cherish his legacy and good examples.
“All Nigerians are delighted in this award because Mr President, for all his days in power, both as governor of Bayelsa State and president of Nigeria, upheld the ethics of peace and national transformation.
“It is not easy to find in our clan, around this continent, a leader that will say the presidency of a nation is not worth the blood of the citizen.
“That statement was epochal, and it stood him up. In 2015, he made a national sacrifice; he refused the fight. He handed back government, the first time in Nigeria that someone would lose an election and refuse to go to court.
“May the significance of this event, its impact on our nation, and our search for peace in all communities in Nigeria yield fruits with this recognition from faraway South Korea,” he said.
Some of the dignitaries at the events included Dame Patience Jonathan; King Amalate Turner, the paramount ruler of the Oloibiri Kingdom in Bayelsa State; and Olori Opeoluwa Ogunwusi, wife of the Oni of Ife, who conducted the toast.
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