Former Vice President Atiku Abubakar has raised concerns over what he described as preferential treatment granted to Oando Plc in its acquisition of the onshore assets of Nigerian Agip Oil Company (NAOC), a subsidiary of the Italian oil giant ENI.
In a statement released on Sunday, Atiku questioned the Federal Government’s accelerated approval of the deal, which he claims was pushed through unusually quickly, while similar transactions involving major players like Shell and Mobil have faced years of delays.
Atiku’s concerns stem from the fast-tracked approval granted to Oando, a firm with familial ties to President Bola Tinubu, for its acquisition of 100% equity in NAOC.
According to the former Vice President, other significant deals, such as the Shell/Renaissance and Mobil/Seplat transactions, have stagnated for prolonged periods despite being in the pipeline for years.
“Within just eight months, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved the divestment of ENI/AGIP’s onshore assets to Oando. Meanwhile, SEPLAT’s attempts to purchase Mobil’s onshore assets have been stuck for three years. It raises serious questions about why Oando is receiving such preferential treatment,” Atiku stated.
Atiku, the Presidential candidate of the People’s Democratic Party (PDP) in the 2023 general election, further accused the Tinubu administration of bias in managing oil sector deals.
He alleged that the swift approval for Oando, a company connected to the President’s nephew, reeks of favoritism, undermining the integrity of Nigeria’s oil and gas industry.
The former Vice President also highlighted the government’s handling of fuel subsidy payments, specifically questioning the Nigeria National Petroleum Company Limited’s (NNPCL) recent financial claims.
Atiku called for transparency concerning NNPCL’s outstanding N7.8 trillion in subsidy claims, despite President Tinubu’s administration having removed fuel subsidies earlier this year.
Atiku cited the International Monetary Fund (IMF), which projected that Nigeria’s subsidy payments would amount to approximately $7.5 billion, or 3% of GDP, by the end of 2024.
He expressed disbelief over the persistence of fuel shortages and the unpaid subsidy claims, even though the subsidy program was officially halted.
He warned that the Tinubu government’s actions might be an attempt to fund future elections through the perpetuation of questionable subsidy practices.
“The subsidy regime has become an even wider conduit pipe through which monies for the 2027 election will come from,” Atiku said, further accusing the government of perpetuating a “sham subsidy regime” that lacks transparency.
Also, Atiku called for a thorough investigation into NNPCL’s dealings, criticizing the House of Representatives for its inaction in holding the national oil company accountable.
He alleged that the country’s oil assets were being “mortgaged to vested interests” with little oversight, while key officials in the oil and gas regulatory bodies continued to retain their positions despite these questionable practices.
Atiku’s comments have reignited the debate over the transparency of oil sector transactions and the lingering issue of fuel subsidies in Nigeria.
His criticisms come at a time when the Tinubu administration faces growing scrutiny over its economic policies, particularly in the energy sector.
The former Vice President urged the government to provide clarity on the ongoing subsidy claims and called for fairness in the approval processes for oil acquisitions to ensure a level playing field for all investors.
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