Former Vice President Atiku Abubakar has urged the Nigerian government to explain why Oando Plc, a company led by Wale Tinubu, a relative of President Bola Tinubu, received swift approval to acquire the onshore assets of AGIP and ENI.

This contrasts with the delays faced by similar transactions involving companies like Shell/Renaissance and Mobil/Seplat.

In a statement released on Sunday, Atiku criticized President Tinubu’s administration, calling it a “sham subsidy regime.”

Speaking through his Special Assistant on Public Communication, Phrank Shaibu, Atiku accused President Tinubu of misleading the public about the removal of fuel subsidies. Despite the government’s claims, Atiku highlighted that the Nigerian National Petroleum Corporation Limited (NNPCL) disclosed that the government still owes it ₦7.8 trillion.

Atiku’s statement read: “Tinubu visited the FMDQ in New York, went to Qatar, and France, where he falsely claimed to have removed petrol subsidies. It’s clear he is not serious about attracting Foreign Direct Investment (FDI). More troubling is his refusal to admit that subsidies are still being paid. The NNPCL acknowledges that ₦7.8 trillion is owed to the national oil company by the Nigerian government.”

Atiku also pointed out that the International Monetary Fund (IMF) estimates that Nigeria’s subsidy payments for this year will reach 3% of its GDP, around $7.5 billion or about ₦11.8 trillion. Despite these substantial payments, fuel scarcity continues. Atiku accused the Tinubu administration of undermining both the Dangote Refinery and NNPCL facilities. He suggested that the ongoing subsidy regime is being used as a means to divert funds, possibly to finance the 2027 elections.

Atiku further alleged that Oando Plc is receiving undue preferential treatment in the oil and gas sector, to the detriment of more capable investors. He noted that within eight months, the Nigerian Upstream Production Regulatory Commission (NUPRC) approved Oando’s acquisition of ENI/AGIP’s onshore assets, while deals involving SEPLAT and Mobil, as well as Renaissance and Shell, have been stalled for years.

Concluding his remarks, Atiku criticized the state of democracy in Nigeria, stating, “Democracy should ideally be government of the people, by the people, and for the people. In Nigeria, however, it has become government of Tinubu, by Tinubu, and for Tinubu and his family.”

Atiku’s comments underscore his concerns about perceived favoritism in Nigeria’s oil sector and broader transparency and governance issues under the current administration.