Former Nigerian Vice President, Atiku Abubakar, has raised concerns about what he describes as preferential treatment given to President Bola Tinubu’s nephew in the acquisition of valuable oil assets.
In a statement released on Sunday by his Special Assistant on Public Communication, Phrank Shaibu, Atiku demanded an explanation from the federal government regarding the expedited approval granted to Oando Plc, owned by Tinubu’s nephew, to acquire the onshore assets of AGIP and ENI. This comes despite delays plaguing other transactions, such as the Shell/Renaissance and Mobil/Seplat deals.
Atiku accused the current administration of favoring Oando at the expense of more qualified investors. The 2023 presidential candidate of the Peoples Democratic Party (PDP) also criticized the House of Representatives for failing to take decisive action against the Nigerian National Petroleum Company Limited (NNPCL), alleging that it has been mortgaging Nigeria’s national oil assets to vested interests.
“Within just eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved a deal allowing ENI/AGIP’s divestment of onshore assets to Oando,” Atiku stated. He noted that, during the same period, Nigeria controversially withdrew from all litigation against Shell/ENI in the OPL 245 scandal, raising suspicions of a possible quid pro quo.
He highlighted that other deals, such as SEPLAT’s attempt to acquire Mobil’s onshore assets, have been stalled for three years, with the consent letter reportedly still on President Tinubu’s desk. “The only transaction that has successfully progressed is the one involving Oando,” he added.
Atiku went further, accusing Nigeria’s democracy under Tinubu of transforming into “government by Tinubu, for Tinubu, and his family.” He also criticized the NNPC for ignoring directives from the House of Representatives, pointing to the controversial transfer of its retail assets to OVH, a move Atiku described as “mortgaging the future of Nigerians.”
Atiku also rebuked the continued tenure of top officials in the oil sector despite the alleged corruption. According to him, the heads of the NNPC, NUPRC, and NMDPRA remain in their positions because they are serving the interests of President Tinubu. He accused the NNPC of appointing former executives from OVH Energy to key positions within the organization before the controversial merger, further intensifying concerns of cronyism in Nigeria’s oil sector.
