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NNPC Reacts to Atiku’s Allegations of Plan by Tinubu to Mortgage Nigeria’s Future via OVH Deal

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Former Vice President Atiku Abubakar
Former Vice President Atiku Abubakar
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The Nigerian National Petroleum Company Limited (NNPC Ltd) has reacted to allegations made by former Vice President Atiku Abubakar, accusing President Bola Tinubu of attempting to mortgage Nigeria’s future through the acquisition of OVH Energy by NNPC Ltd.

In a statement titled “OVH Acquisition: The Facts, by NNPC Ltd,” the company denied any personal interest by President Tinubu in the acquisition.

NNPC Ltd stated that investment decisions are based on commercial viability and national interest, and provided facts to counter Atiku’s allegations.

The company said that it is a commercially focused and profit-driven entity, managed by professionals committed to adding value to the nation. NNPC Ltd also clarified that the acquisition of OVH Energy was done without any interest from Wale Tinubu or President Tinubu.

The full text of the statement is as follows:

PRESS RELEASE

OVH Acquisition: The Facts, by NNPC Ltd

The attention of NNPC Ltd. has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.

In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.

He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Mr. Wale Tinubu held 49% stake.

He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

NNPC Ltd. wishes to set the records straight with the following facts:

1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.

2. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.

3. 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 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.

4.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.

5. The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.

6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.

7. 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.

8. 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.

9. 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.

Olufemi Soneye Chief Corporate Communications OfficerNNPC Ltd.Abuja

22 August, 2024

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Senate Moves to Reshape Legal Profession, Proposes Two-Year Mandatory Pupillage for New Lawyers

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The Nigerian Senate on Wednesday considered sweeping reforms to the legal profession, passing into second reading a bill seeking to amend the Legal Practitioners Act 2004. Central to the proposal is a mandatory two-year pupillage programme for newly called lawyers, designed to align training and regulation with global best practices.

Debating the bill at plenary, lawmakers agreed that the legal system must evolve in response to technological advancement, complex commercial transactions, and growing demands for professional accountability. The bill was sponsored and led by the Leader of the Senate, Senator Opeyemi Bamidele.

According to Bamidele, the current law — nearly six decades old in design — no longer reflects contemporary realities of legal practice. He explained that the reform seeks to modernise oversight structures, strengthen discipline mechanisms, and enhance the quality of service within the profession.

A major highlight of the bill is the restructuring of the Body of Benchers, which, for the first time, will be established as a corporate legal entity with financial autonomy, strengthened secretariat, and defined rule-making authority. The reforms also introduce a clearer institutional framework for committees, oversight, and policy enforcement.

The Senate Leader stressed that the initiative would deliver “a coordinated and well-modernised regulatory framework that addresses admission to the bar, discipline, and professional standards.”

The bill also seeks to fast-track disciplinary processes by reorganising the Legal Practitioners Disciplinary Committee (LPDC). Under the proposed structure, multiple panels would sit across the country while wielding broader sanctioning powers, including suspension, disbarment, restitution, compensation, cost awards, and formal apologies. For transparency, disciplinary outcomes will be published, while affected practitioners will retain the right of appeal to the Supreme Court.

Additionally, the proposal creates a new Ethics, Adherence and Enforcement Committee empowered to inspect law offices, demand records, investigate public complaints, and prosecute cases before the LPDC.

To further boost competence, two years of compulsory pupillage and ongoing professional development will now be requirements for lawyers before full practice certification and licence renewal.

The bill also criminalises unauthorised legal practice, clearly defining the practice of law to protect the public from impersonators and unqualified service providers. Other provisions address the regulation of foreign lawyers, reform of the Senior Advocate of Nigeria rank, and improved safeguards for clients and public trust.

Speaking in support, Chief Whip of the Senate, Senator Tahir Monguno, recalled his experience entering practice over 35 years ago, noting that the realities of the digital age justify reform.

“This bill is very apt and germane,” Monguno said. “We are in the digital age, and our legal profession must reflect these realities.”

The Senate subsequently referred the bill to its Committee on Judiciary, Human Rights and Legal Matters for public hearing and a report within two weeks.

 

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Tinubu Approves Nigerian Team for US–Nigeria Joint Security Working Group

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President Bola Ahmed Tinubu
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President Bola Tinubu has approved the Nigerian contingent of the US–Nigeria Joint Working Group, a new collaborative platform aimed at strengthening security cooperation between both countries.

The decision follows agreements reached during a recent high-level visit to Washington, D.C., led by the National Security Adviser (NSA), Nuhu Ribadu. Ribadu will head the Nigerian side of the Working Group, supported by senior officials drawn from key security and government institutions.

The Nigerian members include Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar; Minister of Defence, Mohammed Badaru Abubakar; Minister of Interior, Hon. Olubunmi Tunji-Ojo; and the Minister of Humanitarian Affairs, Dr. Bernard M. Doro.

Also on the team are the Chief of Defence Staff, Gen. Olufemi Oluyede; Director-General of the National Intelligence Agency, Amb. Mohammed Mohammed; and the Inspector General of Police, Kayode Egbetokun.

Ms. Idayat Hassan of the Office of the National Security Adviser and Mr. Paul Alabi of the Nigerian Embassy in the United States will serve as the secretariat.

President Tinubu urged the members to work closely with their US counterparts to ensure the effective implementation of all agreements reached across various sectors.

The announcement was made on Wednesday in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

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Obasanjo Returns $20,000 Allegedly Given for Fayose’s Birthday Logistics

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EX President Olusegun Obasanjo and Former Ekiti State, Ayo Fayose
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Former President Olusegun Obasanjo has returned the $20,000 allegedly provided to him by former Ekiti State Governor, Ayo Fayose, ahead of Fayose’s 65th birthday celebration, following a fresh disagreement between the two political figures.

Fayose confirmed the development during an interview with AF24 News, where he narrated the sequence of events surrounding the controversy. According to him, preparations for his birthday prompted him to reach out to individuals he had previously fallen out with politically. He noted that this move was aimed at “mending fences,” but stressed that his call to Obasanjo should not be misconstrued as an apology.

The former governor recounted that Obasanjo visited his Lagos residence days before the celebration and expressed willingness to attend the event, despite having a conflicting engagement in Rwanda. Fayose said that during the visit, Obasanjo requested financial support for his travel logistics, prompting him to provide $20,000.

“I changed $20,000 and gave it to him. How can you accept somebody’s money and come and be spiting that person?” Fayose said, expressing disappointment over Obasanjo’s subsequent public remarks.

The matter escalated after Obasanjo stated that he had not opened the money and would return it, comments that Fayose considered disrespectful. In response, Fayose said he sent the former president a strongly worded text message demanding clarity and expressing his displeasure.

Following the exchange, Obasanjo reportedly returned the money.

“I have written to him, and he has returned my $20,000,” Fayose confirmed during the interview. When asked how he felt about the return of the funds, he replied: “I am very happy. I will not allow such a man to carry my money away.”

The clash adds another layer to the long-standing political tension between both men, who have had a history of public disagreements spanning several years.

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