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Issues around OVH acquisition and NNPC Retail, By Femi Awoyemi

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There is no equivalence with evidence in the financial, business, and economic space, as it is done in the political space. Records exist for a reason in the former, and players seeking to push self-interested agendas must come with evidence and not innuendos in this space.

Despite misgivings about an entity, I, as a member of the governance community, understand that it is unhelpful if we allow misrepresentations to replace objectivity and accountability. On this note, I offer my thoughts on the NNPC-OVH issue without holding a fort for any party.

Public and analyst records available to our economic and market intelligence (EMI) unit affirm that @Oando_PLC was out of OVH three (3) years before @nnpclimited RETAIL chose to buy it out (btw, OVH stands for Oando, Vitol, and Helios).

A review of Oando’s financial statements shows that it divested its downstream business (OVH) in three tranches: 60%, 35%, and 5%. At that time, it was seeking to raise funds to invest in the ConocoPhillips transaction, for which it later got entangled with the SEC, where a key investor (who also happens to be a business associate of a former Vice President) sought to exit its investment in the company. This dragged on for years, and investors are still making their peace with it.

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Interestingly, Oando achieved a significant milestone today in its long-term upstream strategy.

Proshare’s Economic and Market Intelligence Unit (EMI) represents that Oando completed its acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company Eni. That may go unheralded for many reasons, but the news is making the rounds. Shareholders of Oando Plc are genuinely unhappy with the company for many reasons, none the least the promise sold to them, which did not materialize and for which the company has to engage on a different premise. See comments here proshare.co/articles/oando…

In a separate report, proshare.co/articles/memo-…, it was stated that Oando’s divestment from the downstream business was a key part of its strategic representation to the market to move out of the lower-margin downstream and midstream businesses to focus on the more lucrative Upstream ventures.

1. OVH – Initial Divestment – 30th June 2016; and
2. Final Divestment – 29th November 2019

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It would appear that either by design or default, when Oando exited entirely in 2019, OVH continued to use the Oando brand under a Trademark Licence Agreement (TLA) because of the goodwill associated with the brand name.

This is why the filling stations continued to bear the name Oando (some still do till today). We understand that the TLA was terminated effective 24 March 2023, but NNPC has 18 months to rebrand fully as part of the TLA.

This means that the use of the name would legally cease by the end of September 2024.

From Proshare’s records, OVH sold to NNPC retail before the expiration of this window, and the investing and general public should appreciate the business/political nuance at play. If this has changed, it is news to us.

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The @nnpclimited should consider issuing a clarifying statement as a matter of sovereign integrity. There are good times to hide behind obscurity, but this is not one of them.

■ Awoyemi is Chief Executive of Proshare Limited.

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BREAKING: President Faye of Senegal Takes Helm of ECOWAS at Regional Summit

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By Gloria Ikibah

Senegalese President, Bassirou Diomaye Faye, has been elected as the new Chairman of the ECOWAS Authority of Heads of State and Government, taking over the leadership of the regional bloc at a crucial period for West Africa.

His election was announced during the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held in Lungi, Sierra Leone.

Faye succeeds the outgoing chairman as ECOWAS continues to grapple with regional security challenges, political transitions, economic integration and efforts to strengthen cooperation among member states.

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His emergence is expected to usher in a new phase of leadership with a focus on promoting peace, democratic governance, economic development and regional unity across West Africa.

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Nigeria Pushes for Stronger ECOWAS, Condemns Afrophobia, Calls for Deeper Regional Unity

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By Gloria Ikibah

Vice President Kashim Shettima has reaffirmed Nigeria’s commitment to a more united, secure and economically integrated West Africa, urging ECOWAS member states to embrace good governance, strengthen democratic institutions and accelerate implementation of the ECOWAS Compact for the Future of Regional Integration.

Speaking on behalf of President Bola Ahmed Tinubu at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government and the Summit of the Future in Lungi, Sierra Leone, Shettima said Nigeria remained committed to providing principled leadership in advancing peace, prosperity and regional cooperation.

He began by expressing appreciation to the Government and people of Sierra Leone for hosting the summit and congratulated President Julius Maada Bio on the inauguration of the Julius Maada Bio International Conference Centre.

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The Vice President commended President Bio’s stewardship of ECOWAS over the past year, describing his leadership as instrumental in sustaining dialogue and regional solidarity amid political, economic and security challenges.

He also praised the ECOWAS Commission for developing the ECOWAS Compact for the Future of Regional Integration, describing it as a forward-looking roadmap for the region.

He said: “Nigeria reaffirms its unwavering commitment to the Compact, which represents a significant milestone in our regional integration journey. It reflects the collective resolve of Member States to renew the ideals of ECOWAS, strengthen regional solidarity, and build a more resilient, prosperous, peaceful, and people-centred Community capable of meeting the aspirations of its over 400 million citizens.”

According to Shettima, the Compact aligns with ECOWAS Vision 2050 and extends the bloc’s collective aspirations towards 2075 by shifting the focus from an “ECOWAS of States” to an “ECOWAS of the People.”

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He reaffirmed Nigeria’s readiness to work closely with other member states to ensure the successful implementation of the Compact’s strategic pillars.

“As the largest economy and one of the key founding members of our Regional Economic Community, Nigeria remains steadfast in its historic responsibility to continue the promotion of regional unity, peace, economic integration, and democratic governance.”
On economic integration, Shettima stressed the need to expand regional trade, industrialisation and infrastructure while supporting the gradual implementation of the ECO single currency.

“Nigeria remains committed to initiatives that remove trade barriers, improve cross-border infrastructure, facilitate the free movement of persons, goods, and services, and create an enabling environment for businesses, entrepreneurs, and investors to thrive across West Africa”, he said.

Addressing governance and security, the Vice President said sustainable development could only flourish in an atmosphere of peace and stability.

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He reaffirmed Nigeria’s support for constitutional governance, the rule of law and democratic principles.

“Beyond adventurism, the most effective tool against unconstitutional changes of government and mass protests that are capable of undermining good order is for us to enthrone good governance that delivers more tangible benefits to our citizens. We must also avoid the temptation to tamper with constitutional term limits or exploit constitutional processes”, he noted.

He further reiterated Nigeria’s commitment to establishing the ECOWAS Counter Terrorism Force and strengthening the regional Standby Force.

“Nigeria remains committed to the setting up of the Counter Terrorism Force, and strengthening of the ECOWAS Standby Force in order to enhance counter-terrorism cooperation, intelligence sharing, joint security operations, and preventive diplomacy to safeguard peace and stability across our region”, he added.

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The Vice President also highlighted the importance of science, technology and innovation in driving regional development.

He welcomed plans to establish a Digital Single Market and regional frameworks for artificial intelligence, cybersecurity and digital infrastructure.

On youth and women, Shettima described them as West Africa’s greatest asset and called for greater investment in education, entrepreneurship and leadership opportunities.

“Nigeria remains dedicated to advancing gender equality, expanding opportunities for women in leadership and decision-making, investing in education and skills development, supporting youth entrepreneurship, and ensuring that young people are active participants in shaping the future of West Africa”, Shettima said.

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Turning to institutional reforms, he stressed the importance of accountability, transparency and sustainable financing in restoring public confidence in ECOWAS.

He also called for stronger regional cooperation in response to changing global geopolitical realities.

On recent tensions within the region, Shettima reiterated Nigeria’s commitment to dialogue and constructive engagement, particularly with the Alliance of Sahel States (AES).

“Nigeria remains firmly committed to dialogue, solidarity and constructive engagement, especially with the AES, as the foundation for preserving the unity, relevance, and future of ECOWAS”, he said.

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The Vice President used the occasion to strongly condemn recent attacks on African nationals in South Africa.

Shettima also reminded South Africa of Nigeria’s role during the anti-apartheid struggle.

He disclosed that Nigeria had already evacuated 1,490 of its citizens from South Africa in seven batches and remained prepared to continue diplomatic engagement on the matter.

“Nigeria condemns in strong terms the recent Afrophobic attack on its citizens and other fellow Africans in the Republic of South Africa.

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“South Africa should be reminded that the freedom the country currently enjoys is due to the liberation efforts of African countries such as Nigeria”, he stated.

Backing Ghana’s earlier proposal, he urged ECOWAS to table the issue before the African Union.

“ECOWAS should present this matter before the next meeting of the Authority of the African Union to send a clear message that this type of behaviour is unacceptable.”

Vice President Shettima therefore urged governments, regional institutions, civil society, development partners, the private sector, women and young people to support the implementation of the ECOWAS Compact.

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“The Compact provides a roadmap to strengthen regional unity, restore public trust, and build a more resilient and people-centred ECOWAS capable of effectively addressing current and future challenges.

“Nigeria will continue to provide principled leadership and work with all Member States to advance our shared vision of a peaceful, integrated, prosperous, secure and globally respected West Africa, in line with our aspirations”, Shettima said.

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Peter Obi gives reason why he picked Kwankwaso as running mate

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Presidential candidate of the Nigeria Democratic Congress, Peter Obi, has disclosed reason behind his decision to pick the leader of Kwankwassiyya Movement, Rabiu Kwankwaso, as his running mate.

In an interview with Sun, Obi said he decided to settle for the former governor of Kano State because “Kwankwaso has the philosophy of pulling people out of poverty”.

Obi said himself and Kwankwaso have similar philosophy on reviving the country’s economy to better the lives of citizens.

“I have the same philosophy. Kwankwaso believes in education. You cannot change society without education.

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“If you look at my X, formerly Twitter, I made it clear that I will emphasise on education. Education is going to change society.

“Nigeria must be seen to form its innermost human capital, which we need to develop. Kwankwaso believes in this. I do. We have synergy.”

Obi also dismissed speculation suggesting that there is disagreement between him and Kwankwaso, stating that they remain united in strategizing ahead of the January 2027 elections.

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