Former Vice President Atiku Abubakar has demanded that the Federal Government explain the accelerated approval granted to Oando Plc, a company linked to President Bola Tinubu’s nephew, in its acquisition of AGIP/ENI onshore assets.
This comes amidst delays in similar transactions involving other oil companies, raising concerns about transparency and fairness in the management of Nigeria’s oil and gas sector.
In a statement released on Sunday, Atiku Abubakar questioned why Oando Plc received swift approval for its acquisition of AGIP/ENI assets, while other significant transactions, such as the Shell/Renaissance deal and the Mobil/Seplat acquisition, have faced prolonged delays.
The former Vice President highlighted that this preferential treatment undermines the credibility of the government’s regulatory processes.
“Within just eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved the divestment of ENI/AGIP onshore assets to Oando.
“Meanwhile, other deals, including SEPLAT’s attempt to buy Mobil’s onshore assets, have been stalled for years. This selective approval process raises serious questions about the fairness and integrity of our regulatory agencies,” Atiku stated.
Atiku expressed concern that the rapid approval for Oando, allegedly owned by a relative of President Tinubu, could indicate a conflict of interest. He urged the government to clarify the rationale behind this decision and ensure that all transactions in the oil and gas sector are handled with transparency and accountability.
The former Vice President also criticized the Tinubu administration’s handling of the fuel subsidy issue. Atiku referenced a recent financial statement released by the Nigerian National Petroleum Company Limited (NNPCL), which revealed that the government still owes N7.8 trillion to the NNPCL, despite claims of removing the subsidy.
“Tinubu visited several countries, including Qatar and France, where he made false claims about ending the petrol subsidy. Yet, the NNPCL’s financial statement shows that subsidy payments are ongoing, with estimates from the International Monetary Fund (IMF) indicating that these payments could constitute 3% of GDP this year, amounting to $7.5 billion (N11.8 trillion).
“Despite these payments, fuel scarcity persists, and the subsidy regime appears to be a conduit for funding the 2027 election,” Atiku alleged.
The former Vice President called on President Tinubu to be transparent about the subsidy regime and to address the persistent fuel scarcity that continues to plague the country.
Atiku further accused the government of favouring Oando in the oil and gas sector, to the detriment of other investors. He criticized the House of Representatives for failing to take decisive action on the NNPCL’s dealings and accused the company of “mortgaging the country’s national oil assets to vested interests.”
“The House of Representatives had directed the NNPCL to suspend the acquisition of OVH Energy assets pending an investigation. However, the NNPCL ignored these directives and went ahead with the transfer, further complicating the future of our oil sector,” Atiku said.
Atiku also pointed to the controversial decision by the Nigerian government to withdraw all litigation against Shell/ENI in the OPL 245 scandal, describing it as a quid pro quo that raises further concerns about the integrity of the government’s dealings in the oil sector.
In addition to his economic concerns, Atiku Abubakar also lambasted the Tinubu administration for an increase in human rights abuses since taking office. He accused the government of using security agencies like the Department of State Services (DSS) and the police to suppress dissent and intimidate journalists.
“Tinubu, who claimed to be a freedom fighter, has now turned against the people by allowing the DSS, police, and even the military to abuse citizens’ rights without consequences. Journalists and whistleblowers have been targeted for simply reporting the truth and exposing government corruption,” Atiku stated.
He cited several instances where citizens and journalists were arrested without due process, including the recent arrest of Bristol Tamunobiefiri, a whistleblower who has been detained for over two weeks. Atiku called for the immediate release of Tamunobiefiri and other individuals who have been unlawfully detained, warning that continued human rights abuses could lead to international sanctions against Nigeria.
“Amnesty International has a pending petition before the US Congress against the sale of weapons to Nigeria due to human rights concerns. If these abuses continue, Nigeria could face sanctions that would undermine our ability to tackle insecurity,” Atiku warned.
