Editor
A New Chapter in Nigeria’s Oil Saga: Atiku’s Scathing Indictment of Tinubu’s Nepotism
In a dramatic escalation of political tensions, the 2023 Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, has launched a searing attack on the All Progressives Congress (APC)-led Federal Government, accusing it of blatant nepotism and preferential treatment in the nation’s oil sector. At the heart of the controversy lies the recent acquisition of AGIP and ENI’s onshore assets by Oando Plc, a company owned by Wale Tinubu, the nephew of President Bola Tinubu.
In a statement that has sent shockwaves across Nigeria’s political landscape, Atiku questioned the unprecedented speed with which Oando received approval to purchase these critical oil assets, especially in a sector notorious for its bureaucratic delays and endless red tape. “Why was Oando given such an expedited approval while other significant deals, such as the Shell/Renaissance and Mobil/Seplat transactions, continue to languish in limbo?” Atiku asked pointedly.
The former Vice President did not mince words as he accused the Tinubu administration of using the nation’s oil sector as a playground for cronyism, where family connections, rather than merit, determine who controls Nigeria’s most valuable resources.
Oando’s Controversial Acquisition: A Deal Too Good to Be True?
Oando Plc’s acquisition of the Nigerian Agip Oil Company Limited (NAOC) has been hailed by the company as a landmark achievement. However, the circumstances surrounding this acquisition have raised more questions than answers. The deal, finalised in record time, has drawn scrutiny from industry experts and political observers alike.
In a statement released on Thursday, Oando celebrated its acquisition of 100% of NAOC’s shares as a significant milestone. “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),” the company stated.
Yet, behind the corporate celebrations, there is growing disquiet about how this deal was approved with such remarkable speed. Atiku, in his statement through his Special Assistant on Public Communication, Phrank Shaibu, pointed out that the oil and gas sector, traditionally plagued by delays and inefficiencies, seemed to have rolled out the red carpet for Oando’s acquisition.
“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,” Atiku stated, drawing a direct line between these international visits and the domestic machinations that have allowed Oando to bypass the usual obstacles.
A Tale of Two Deals: Oando’s Quick Success vs. Seplat’s Endless Waiting
Atiku’s outrage is not just about the speed of Oando’s acquisition but also about the glaring discrepancies in how other similar deals have been handled. The former Vice President highlighted the ongoing delays in the Shell/Renaissance deal and the Mobil/Seplat acquisition, both of which have been bogged down by regulatory hurdles and political interference for years.
“Within just eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved a deal which saw the divestment of ENI/AGIP onshore assets to Oando. Within that same period, Nigeria controversially withdrew all litigation against Shell/ENI in the OPL 245 scandal in what has been described as a quid pro quo,” Atiku noted.
In stark contrast, Seplat’s attempt to acquire Mobil’s onshore assets has been stalled for over three years, with no end in sight. The consent letter for this deal, according to Atiku, remains on President Tinubu’s desk, gathering dust. “In fact, the only deal that has fully scaled through so far is the one involving Oando. We now know why it got accelerated approval,” Atiku declared.
Tinubu’s Government: A Family Affair?
Atiku’s criticism extends beyond the oil sector, casting a wider net over what he perceives as the Tinubu administration’s systematic abuse of power for personal gain. The former Vice President accused President Tinubu of turning Nigeria’s democracy into a family business, where the national interest is subordinated to the financial interests of the President’s relatives.
“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 charged.
This damning indictment raises serious questions about the integrity of the Tinubu administration and its commitment to the principles of transparency and accountability. The allegations of nepotism, if true, could have far-reaching implications for Nigeria’s democratic institutions and its standing in the international community.
The House of Representatives: Complicit or Helpless?
Atiku also took aim at the House of Representatives, accusing the legislative body of failing to properly oversee the actions of the Nigerian National Petroleum Corporation Limited (NNPCL). He claimed that the NNPCL had moved to “mortgage the country’s national oil assets to vested interests” without any meaningful intervention from the House.
In July 2023, the House of Representatives, following a motion by Miriam Onuoha, instructed NNPC Ltd to halt the acquisition of OVH assets until its committee completed an investigation. However, according to Atiku, this directive was blatantly ignored. The NNPCL, he alleged, proceeded with the transfer of ownership and properties in its retail arm to OVH, effectively compromising the future of Nigerians.
“Despite the committee’s request for detailed information from NNPC Ltd, including registration documents, board resolutions, audited financial statements, management accounts, and evidence of tax payments, NNPC went ahead with the transaction. This shows a clear disregard for due process and the rule of law,” Atiku asserted.
The former Vice President’s allegations suggest a deeply flawed system where powerful interests can bypass regulatory oversight with impunity. If these claims are true, they underscore the urgent need for reform in Nigeria’s oil sector and the broader political system.
The Rot in the Oil Sector: A National Embarrassment
Atiku’s criticism of the Tinubu administration extends to the broader issue of corruption and mismanagement in Nigeria’s oil sector. He pointed to the continued tenure of key officials in the NNPCL, NUPRC, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) as evidence of the rot within the system.
“Despite the rot in the oil sector, the head of the NNPC, the head of the NUPRC, and the head of the NMDPRA continue to keep their jobs. This is clear evidence that they are fulfilling the mandate given to them by Tinubu,” Atiku stated.
He also accused the NNPC of lying in its response to previous allegations, noting that the Kyari-led management had appointed Huub Stoksman, a former Chief Executive Officer of OVH Energy, as Managing Director of NNPC Retail, and Mumuni Dangazau, the former Chief Operating Officer of OVH Energy, as his Special Adviser Downstream, long before the consummation of what Atiku described as “the incestuous marriage of the entities.”
A Dark Chapter in Human Rights: Atiku’s Broader Critique of the Tinubu Administration
Atiku’s critique of the Tinubu administration is not limited to the oil sector. He also condemned what he described as the administration’s increasing disregard for human rights and the rule of law. The former Vice President accused President Tinubu of betraying his claims of being a freedom fighter by allowing the DSS, police, and military to violate citizens’ rights with impunity.
“The dangerous trend of enforced disappearances has become a national embarrassment for a country which claims to be practising democracy,” Atiku declared, citing several recent cases of journalists and activists being detained without due process.
Among the cases highlighted by Atiku was the May 2024 disappearance of Daniel Ojukwu, a journalist with the Foundation for Investigative Journalism, who was later discovered to be in police custody on the orders of the Inspector General of Police, Kayode Egbetokun. Ojukwu’s crime, according to Atiku, was exposing corruption within the Tinubu administration.
Atiku also pointed to the July 23 arrest of Aliyu Sanusi in Sokoto for distributing materials ahead of the #EndBadGovernanceProtest and the detention of Bristol Tamunobiefiri, who owns the PIDOM Nigeria blog on X (formerly Twitter). These arrests, Atiku argued, are part of a broader pattern of intimidation against journalists and activists who dare to speak out against the government.
“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 said.
He further condemned the use of the Cyber Crime Prevention Act 2015 to detain citizens, noting that the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has effectively become a replacement for the disbanded Special Anti-Robbery Squad (SARS).
The Implications of Atiku’s Allegations: What Next for Nigeria?
Atiku’s allegations against the Tinubu administration are both serious and far-reaching. If true, they suggest a deep-seated corruption within the highest levels of government, with the oil sector being used as a tool for enriching the President’s family and allies at the expense of the Nigerian people.
The implications of these allegations could be profound. Nigeria’s oil sector, already plagued by inefficiency and corruption, could become even more dysfunctional if powerful interests continue to manipulate the system for personal gain. This, in turn, could have a ripple effect on the broader economy, exacerbating the challenges faced by ordinary Nigerians.
Moreover, the allegations of human rights abuses raise serious questions about the future of democracy in Nigeria. If the Tinubu administration continues down this path, it risks alienating the very citizens it is supposed to serve, leading to increased social unrest and instability.
Conclusion: A Call for Transparency and Accountability
As the dust settles on Atiku’s explosive allegations, one thing is clear: Nigeria’s oil sector is at a crossroads. The choices made by the Tinubu administration in the coming months will determine whether the sector can be reformed to serve the interests of all Nigerians or whether it will continue to be a playground for the rich and powerful.
Atiku’s call for transparency and accountability is a timely reminder that Nigeria’s democracy, fragile though it may be, still has the potential to deliver for the people. But this will only happen if those in power are held to account for their actions.
For now, the ball is in President Tinubu’s court. The Nigerian people are watching and waiting. Will he rise to the occasion and prove his critics wrong, or will he continue down the path of nepotism and corruption that Atiku has so forcefully condemned?
Only time will tell, but one thing is certain: the stakes have never been higher. The future of Nigeria’s oil sector—and indeed, its democracy—hangs in the balance.
