Atiku Abubakar, the 2023 Peoples Democratic Party presidential candidate, has questioned the “expedited approval process” that allowed Oando Plc to acquire the onshore assets of AGIP and ENI.
This is even as Atiku’s demanded for transparency from the All Progressives Congress-led Federal Government amidst allegations of preferential treatment in the oil and gas sector.
The Matrix reports that on Thursday, Oando PLC issued a statement announcing the completion of its acquisition of Nigerian Agip Oil Company Limited (NAOC Ltd), stating, “Today marks a significant milestone for Oando PLC as we proudly announce the finalization of our agreement with Eni to acquire the entire shareholding of Nigerian Agip Oil Company Limited (NAOC Ltd).”
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However, Atiku, through a statement from his Special Assistant on Public Communication, Phrank Shaibu, expressed concerns about the fairness of the approval process.
The statement alleged that Oando, which is linked to President Bola Tinubu’s nephew, was given an unfair advantage compared to other investors. It highlighted the delay of other significant transactions, such as the Shell/Renaissance deal and the Mobil/Seplat acquisition, in contrast to Oando’s swift approval.
Atiku’s statement read in part, “Former Vice President of Nigeria, Atiku Abubakar, has asked the Federal Government to explain why Oando Plc, owned by the President’s nephew, got an accelerated approval to buy the onshore assets of AGIP and ENI while other transactions such as the Shell/Renaissance deal and the Mobil/Seplat continue to suffer delays. Tinubu visited the FMDQ in New York, visited Qatar, visited France where he told lies about removing petrol subsidies. Obviously, this is not a man who is serious about attracting FDI. More worrisome is that he is not even brave enough to admit that the subsidy is being paid. The NNPCL admits that N7.8tn is owed to the national oil company by the Nigerian government.”
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The statement continued, “IMF estimates that subsidy payments this year will constitute 3% of GDP, which is about $7.5bn. This will be about N11.8tn. Yet, the petrol scarcity continues to linger while the Tinubu administration continues to frustrate the Dangote Refinery and even its own NNPCL facilities. Obviously, the subsidy regime has become an even wider conduit pipe through which monies for funding the 2027 election will come.”
Atiku further criticized the House of Representatives for its inaction regarding the NNPCL’s alleged move to “mortgage the country’s national oil assets to vested interests.”
He noted that the Nigerian Upstream Production Regulatory Commission (NUPRC) approved Oando’s acquisition of ENI/AGIP’s onshore assets within eight months. In contrast, other deals, such as SEPLAT’s attempt to acquire Mobil’s assets, have faced delays for over three years, with the consent letter reportedly remaining on Tinubu’s desk.
The statement pointed out, “The only deal that has fully scaled through so far is the one involving Oando. We now know why it got accelerated approval. Ideally, democracy ought to be government of the people, for the people, and by the people. But democracy in Nigeria has become the government of Tinubu, by Tinubu, and for Tinubu and his family members.”
Atiku also raised concerns about the ongoing corruption within the oil sector, criticizing the NNPC, NUPRC, and NMDPRA for their failure to address these issues. He accused these bodies of being complicit in the current administration’s failings, alleging that the appointments of Huub Stoksman and Mumuni Dangazau were made before the acquisition of OVH assets was finalized, indicating a potential conflict of interest.
