Former Nigerian Vice President, Atiku Abubakar, has urged President Bola Tinubu’s administration to quickly list the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange, as required by the Petroleum Industry Act (PIA). Atiku, who is also the Peoples Democratic Party (PDP) Presidential candidate for the 2023 election, believes that this action would improve the company’s profitability, transparency, and corporate governance.
Atiku’s comments were made in response to NNPCL’s recent decision to hand over the management and operation of the Warri and Kaduna refineries to private operators. He criticized the current structure of NNPCL, calling it a facade that still serves as a financial tool for the federal government.
In a statement released by his Media Adviser, Paul Ibe, Atiku questioned the consistency of Tinubu’s administration’s policies, particularly regarding fuel subsidies, and emphasized the importance of transparency in contract awards. He highlighted past failed concessions due to lack of transparency and investor interest, suggesting the involvement of credible bodies like the Bureau of Public Enterprises (BPE) and Standard and Poor’s in such transactions for success.
Atiku warned against repeating past mistakes and stressed the need for clear and transparent processes in privatizing the refineries. He emphasized the necessity of listing NNPCL on the stock exchange to enhance profitability and transparency, criticizing the company’s current status as a private entity that still serves the federal government’s interests.
Atiku also pointed out the challenges faced by previous concessions and transactions, citing examples like the failed Manitoba Hydro International deal with the Transmission Company of Nigeria and the unsuccessful Global Steel Limited agreement with Ajaokuta Steel Company. He expressed concerns about recent convoluted transactions involving Nueoil, OVH, Oando filling stations, and NNPCL Retail, warning that such approaches could lead to corruption and negative outcomes for Nigerians.