Atiku Abubakar, the presidential candidate for the Peoples Democratic Party (PDP) in 2023, has urged the All Progressives Congress (APC)-led Federal Government to clarify the unusually rapid approval process that permitted Oando Plc to acquire the onshore assets of AGIP and ENI. His call for transparency arises against a backdrop of accusations suggesting preferential treatment in the oil and gas industry.
On Thursday, Oando PLC publicly announced the successful completion of its acquisition of Nigerian Agip Oil Company Limited (NAOC Ltd), declaring, “Today signifies a pivotal achievement for Oando PLC as we proudly confirm the finalization of our agreement with Eni to secure full ownership of Nigerian Agip Oil Company Limited.”
However, Atiku’s concerns, conveyed via a statement from his Special Assistant on Public Communication, Phrank Shaibu, question the equity of the approval process. The statement alleged that Oando, associated with President Bola Tinubu’s nephew, enjoyed an unfair advantage over other potential investors. It also pointed out the prolonged delays faced by other significant transactions, such as the Shell/Renaissance and Mobil/Seplat deals, contrasting them with the swift approval granted to Oando.
Atiku’s statement included, “Former Vice President of Nigeria, Atiku Abubakar, has called on the Federal Government to explain the rapid approval given to Oando Plc, owned by the President’s nephew, for the purchase of AGIP and ENI’s assets, while other major transactions like Shell/Renaissance continue to languish in delay. Tinubu’s recent international trips to the FMDQ in New York, Qatar, and France have raised questions about his sincerity in attracting foreign direct investment (FDI). More concerning is his reluctance to acknowledge the ongoing subsidy payments; the NNPCL has stated that N7.8 trillion is owed by the Nigerian government to the national oil company.”
The statement further elaborated, “The International Monetary Fund (IMF) predicts that subsidy payments this year will account for 3% of GDP, translating to approximately $7.5 billion, or about N11.8 trillion. Meanwhile, the persistent fuel scarcity continues to plague the nation as the Tinubu administration appears to hinder the progress of the Dangote Refinery and its own NNPCL facilities. Clearly, the subsidy framework has morphed into a conduit for funneling funds towards the 2027 election.”
Atiku also criticized the House of Representatives for failing to act against the alleged efforts by the NNPCL to “mortgage the nation’s oil assets to vested interests.” He pointed out that the Nigerian Upstream Production Regulatory Commission (NUPRC) approved Oando’s acquisition of ENI/AGIP’s assets within a notably short span of eight months, while other deals, such as SEPLAT’s bid for Mobil’s assets, have been stalled for over three years, with the necessary consent letter reportedly sitting on Tinubu’s desk.
The statement asserted, “The only transaction that has successfully progressed so far is the one involving Oando. It is now clear why it received expedited approval. Ideally, democracy should represent the will of the people, yet in Nigeria, it seems to be a government crafted for, by, and of Tinubu and his family members.”
Atiku also expressed alarm at the ongoing corruption in the oil industry, criticizing the NNPC, NUPRC, and NMDPRA for their inaction. He accused these organizations of complicity in the current administration’s shortcomings, suggesting that appointments made prior to the OVH asset acquisition raised potential conflict of interest concerns.
In a related context, Atiku denounced the Tinubu administration for allegedly increasing human rights violations. He accused Tinubu of failing to maintain his reputation as a champion for freedom by allowing security forces to infringe upon citizens’ rights without consequence. Atiku cited alarming instances of enforced disappearances and the arrests of journalists, including Daniel Ojukwu, Aliyu Sanusi, Adejuwon Soyinka, and Bristol Tamunobiefiri, as indicators of a worrisome shift towards authoritarianism.
He concluded with, “The troubling rise of enforced disappearances has become a national disgrace for a country that claims to uphold democratic principles. For instance, on May 1, 2024, Daniel Ojukwu from the Foundation for Investigative Journalism was reported missing, presumed kidnapped, only to be later discovered in police custody under the orders of IGP Kayode Egbetokun. Ojukwu’s only transgression was exposing the corruption of a government official currently serving in Tinubu’s administration.”
