Former Vice President Atiku Abubakar has raised serious concerns about the federal government’s accelerated approval of Oando Plc’s acquisition of AGIP and ENI’s onshore assets. Atiku questioned why this deal was fast-tracked while other significant transactions, such as the Shell/Renaissance and Mobil/Seplat deals, have experienced prolonged delays. He pointed out that the preferential treatment given to Oando, a company owned by a relative of President Bola Tinubu, is raising red flags about fairness and transparency in Nigeria’s oil and gas sector.
Atiku did not stop at questioning the approval process. He also called for an explanation from President Tinubu’s administration regarding the N7.8 trillion in outstanding subsidy claims by the Nigerian National Petroleum Company Limited (NNPCL). Despite Tinubu’s promise to remove fuel subsidies, these claims have continued to linger, leaving many Nigerians puzzled. Atiku expressed his disbelief that, even with the subsidy removal, the International Monetary Fund (IMF) has estimated that subsidy payments this year could constitute 3% of the country’s GDP, amounting to approximately $7.5 billion or N11.8 trillion.
This continued expenditure on subsidies is happening while Nigeria is facing persistent fuel shortages. Atiku accused the Tinubu administration of exacerbating the situation by frustrating the operations of the Dangote Refinery, which was expected to ease Nigeria’s fuel supply issues. He further suggested that the subsidy regime has become a tool for channeling funds to finance the 2027 elections, rather than serving the interests of the Nigerian people.
Atiku’s comments were made through a statement released by his Special Assistant on Public Communication, Phrank Shaibu. He expressed concern over what he sees as Oando receiving undue favour in the oil and gas sector, which, according to him, comes at the expense of more competent and deserving investors. The former Vice President, who was the presidential candidate for the Peoples Democratic Party (PDP) in the most recent election, also criticized the House of Representatives for failing to take appropriate action regarding the NNPCL’s questionable activities.
He highlighted how, in just eight months, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) swiftly approved the deal that allowed Oando to acquire ENI and AGIP’s onshore assets. Atiku compared this to the ongoing delays faced by other deals, such as Seplat’s attempt to purchase Mobil’s onshore assets—a transaction that has been stalled for three years, with the consent letter still awaiting President Tinubu’s approval. Atiku insinuated that the only deal to receive swift approval was the one involving Oando, implying that this was due to the company’s connections to the presidency.
Atiku’s statement also addressed the broader issue of the subsidy regime under Tinubu’s government, which he described as a “sham.” He pointed out that despite the president’s claims during international visits to New York, Qatar, and France about removing petrol subsidies, the reality on the ground is different. The NNPCL, in its financial statement, admitted that it is owed N7.8 trillion by the Nigerian government. This admission contradicts the president’s public stance on subsidy removal and raises questions about the true state of Nigeria’s economic policies.
According to Atiku, democracy should be a government of the people, by the people, and for the people. However, he argued that under Tinubu, democracy in Nigeria has become a government of Tinubu, by Tinubu, and for Tinubu and his relatives. This criticism reflects his broader concerns about the centralization of power and resources in the hands of a few individuals closely connected to the president.
Atiku criticized the House of Representatives for not taking action on the NNPCL’s acquisition of OVH Energy assets. In July 2023, the House directed the NNPCL to halt the acquisition for investigation, requesting various documents. However, the NNPCL proceeded with the acquisition, disregarding the House’s directives. Atiku described this move as jeopardizing the future of Nigerians by transferring ownership and properties in NNPCL’s retail arm to OVH without considering the implications.
Atiku’s statement also addressed broader issues within the oil sector, questioning why key figures in the NNPCL, NUPRC, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) continue to hold their positions despite ongoing sector problems. He suggested that their tenure indicates they are carrying out the mandates of President Tinubu, even if those mandates are not in the best interest of the Nigerian people.
Furthermore, Atiku accused the NNPCL of lying in its response to his previous statements, noting that the current management had appointed key figures from OVH Energy into strategic positions within NNPCL Retail before the merger of the two entities. Atiku argued that this demonstrates a pre-existing relationship between the companies, casting doubt on the integrity of the merger process.
Atiku’s criticisms extended beyond economic and governance issues to include the Tinubu administration’s handling of human rights. He accused the president of allowing the DSS, police, and military to violate citizens’ rights with impunity and misusing the Cyber Crime Prevention Act of 2015 to target government critics.
Atiku highlighted cases where individuals were detained without due process, including the abduction of journalists who reported on government corruption. Notable incidents included the disappearance of Daniel Ojukwu from the Foundation for Investigative Journalism, who was found in police custody under the orders of the Inspector General of Police, Kayode Egbetokun, and Aliyu Sanusi’s arrest by the DSS in Sokoto for distributing materials ahead of an anti-government protest. Additionally, the arrest and subsequent release of Adejuwon Soyinka, a journalist, exemplifies a trend of intimidating journalists who criticize the government.
Atiku also mentioned the case of Bristol Tamunobiefiri, the owner of the PIDOM Nigeria blog, who was detained for over two weeks before being granted administrative bail. Atiku condemned this practice, citing a Court of Appeal ruling that declared administrative bail illegal. He demanded that Bristol either be arraigned in court immediately or released.
In his concluding remarks, Atiku warned President Tinubu to take the issue of human rights abuses seriously. He cautioned that Nigeria risks facing international sanctions, which could hinder its ability to procure weapons necessary for tackling the country’s growing insecurity. Atiku reminded Tinubu of the pending petition by Amnesty International before the U.S. Congress, which could block the sale of arms to Nigeria due to concerns over human rights violations. He urged the president to address these abuses, noting that as commander-in-chief, Tinubu is ultimately responsible for the actions of the security forces.
