Atiku Abubakar, the 2023 Peoples Democratic Party presidential candidate, has called on the All Progressives Congress-led Federal Government to explain the expedited approval process that allowed Oando Plc to acquire the onshore assets of AGIP and ENI.
Atiku’s demand for transparency comes amidst allegations of preferential treatment in the oil and gas sector.
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).”
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.
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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.”
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.
In a related development, Atiku condemned the Tinubu administration for its alleged increase in human rights abuses. He accused Tinubu of failing to uphold his reputation as a freedom fighter by allowing security agencies to violate citizens’ rights without accountability. Atiku cited recent cases of enforced disappearances and arrests of journalists, including Daniel Ojukwu, Aliyu Sanusi, Adejuwon Soyinka, and Bristol Tamunobiefiri, as evidence of a disturbing trend towards authoritarianism.
He concluded, “The dangerous trend of enforced disappearances has become a national embarrassment for a country which claims to be practising democracy. On May 1, 2024, Daniel Ojukwu of the Foundation for Investigative Journalism went missing and was presumed abducted by kidnappers until he was later discovered to be in police custody on the orders of IGP Kayode Egbetokun. Ojukwu’s crime was that he exposed the corruption of a government official who currently serves in Tinubu’s administration.
“On July 23, the DSS arrested one Aliyu Sanusi in Sama Road of Sokoto, the state capital for printing and distributing materials ahead of the #EndBadGovernanceProtest.
“Even the arrest and release of the former BBC Pidgin Editor and current West Africa Regional Editor of the Conversation, Adejuwon Soyinka, clearly shows a pattern, which objective is to intimidate journalists for speaking truth to this government.”
Atiku demanded immediate action to address these issues and called for greater transparency and accountability from the government.
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