According to Sahara Reporters, former vice president Atiku Abubakar has blasted President Bola Tinubu’s administration for allegedly favoring Oando Plc, Tinubu’s nephew’s company, in the acquisition of AGIP and ENI’s onshore assets.
Atiku further argued that the ongoing subsidy payments, estimated by the IMF to cost 3% of Nigeria’s GDP (approximately $7.5 billion), are being misused to fund future elections, rather than addressing the country’s persistent fuel shortages.
Atiku also criticized the House of Representatives for not holding NNPCL accountable for what he described as mortgaging Nigeria’s national oil assets to special interests. He pointed out that while the Nigerian Upstream Production Regulatory Commission (NUPRC) quickly approved Oando’s acquisition of ENI/AGIP’s assets, other transactions, such as SEPLAT’s attempt to acquire Mobil’s assets, have stalled for years.
Atiku suggested that these delays are politically motivated, benefiting those connected to the President.
Last week, Oando Plc announced the completion of its acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni, marking a significant milestone in its growth strategy. The deal, valued at $783 million, includes reimbursement and consideration for the assets.
Atiku also referenced a July 2023 directive from the House of Representatives, which called for NNPCL to suspend the acquisition of OVH assets pending an investigation. Despite this, NNPCL proceeded with the transaction, leading Atiku to conclude that the government’s actions have compromised the future of Nigeria’s oil industry.CONTINUE FULL READING>>>>>
