Atiku Slams President Tinubu For Rapid Approval Of Nephew’s Oando Deal While Other Similar Transactions Suffer Delay

The extinct Vice President reiterated and emphasised his mutter that Oando used to be receiving unfair and favorable treatment within the oil and gasoline industry, which he believes is harming more succesful and deserving merchants.

Old Vice President Atiku Abubakar has asked the President Bola Tinubu’s administration to demonstrate why Oando Plc owned by the President’s nephew, received an accelerated approval to aquire the onshore resources of AGIP and ENI while other transactions comparable to the Shell/Renaissance deal and the Mobil/Seplat proceed to endure delays.

The extinct Peoples Democratic Occasion presidential candidate also slammed the Tinubu’s administration for enforcing a “sham subsidy regime as printed within the financial assertion now not too prolonged ago released by the Nigerian National Petroleum Company Restricted (NNPCL)”.

In a assertion issued through his media aide, Paul Ibe on Sunday, Atiku stated, “Tinubu visited the FMDQ in Unique York, visited Qatar, visited France where he told lies about weeding out petrol subsidies.

“Clearly, here’s now not a one who is all in favour of attracting FDI. More worrisome is that he’s now not even mettlesome sufficient to confess that subsidy is being paid. The NNPCL admits that N7.8tn is owed to the national oil firm by the Nigerian government.

“IMF estimates that subsidy payments this 300 and sixty five days will constitute 3% of GDP, which is ready $7.5bn. This might maybe be about N11.8tn. Yet, the petrol scarcity continues to linger while the Tinubu administration continues to frustrate the Dangote Refinery and even its possess NNPCL amenities.

“Clearly, the subsidy regime has change into a ideally suited wider conduit pipe all the device through which monies for funding the 2027 election will come from.”

The extinct Vice President reiterated and emphasised his mutter that Oando used to be receiving unfair and favorable treatment within the oil and gasoline industry, which he believes is harming more succesful and deserving merchants.

Atiku also knocked the Apartment of Representatives for failing to take correct action on the NNPCL which has now long previous ahead to “mortgage the nation’s national oil resources to vested pursuits”.

Atiku stated, “Within true eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) accredited a deal which saw the divestment of ENI/AGIP onshore resources to Oando.

“Within that very same length, Nigeria controversially withdrew all litigation against Shell/ENI within the OPL 245 scandal in what has been described as a quid pro quo.

“Nonetheless, the strive by SEPLAT to aquire Mobil’s onshore resources has persevered to stall for the final three years whilst the consent letter remains on Tinubu’s desk. The deal between Renaissance and Shell continues to stall. Primarily, the simplest deal that has fully scaled through so far is the one bright Oando. We now know why it received accelerated approval.

“Ideally, democracy ought to be government of the oldsters, for the oldsters, and by the oldsters. But democracy in Nigeria has change into the federal government of Tinubu, by Tinubu, and for Tinubu and his kinfolk.”

Closing Thursday, SaharaReporters launched that Oando PLC had finalised its acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy significant Eni, marking a considerable success in its prolonged-term progress approach.

The total consideration for the deal is $783 million, which involves repayment and consideration for the asset, as confirmed by Oando in an announcement.

Commenting, Wale Tinubu, Team Chief Govt, Oando PLC, stated: “At the unique time’s announcement is the fruits of ten years of toil, resilience, and an unwavering perception within the realisation of our ambition since the 2014 entry into the Joint Project by strategy of the acquisition of Conoco-Philips Nigerian Portfolio.”

Atiku added, “In July 2023, the Apartment of Representatives, following the adoption of a circulate moved by Miriam Onuoha directed NNPC Ltd to suspend the acquisition of OVH resources pending an investigation by its committee.

“The Apartment advert-hoc committee requested the NNPC Ltd to furnish it with facts about registration documents/history from CAC for OVH, Nueoil, and NNPC Retail Restricted (NRL), Board Resolution of NNPC Ltd on aquire of OVH, Audited Monetary Observation and Administration Accounts from 2015 up to now of OVH, Nueoil, NRL and NNPC Ltd and the payroll from 2015 up to now for NRL and OVH; Board Resolution of NRL/CHQ for circulate of head living of work to Lagos and proof of Tax Payments for NRL and OVH from 2015 up to now.”

“The NNPC neglected all these and went ahead to transfer its possession and properties in its retail arm to OVH, thereby mortgaging the formula ahead for Nigerians,” Atiku added.

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