Former Vice President Atiku Abubakar has called for the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange, in accordance with the provisions of the Petroleum Industry Act (PIA).
Atiku’s demand comes in response to the NNPCL’s recent decision to transfer the management of the Warri and Kaduna refineries to private operators.
He argued that this move raises concerns about the independence of the NNPCL, which is mandated by the PIA to operate as a private business entity.
In a statement released on Sunday by Paul Ibe, his media adviser, Atiku stated, “The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act.
This would make the company more profitable and enhance transparency and corporate governance.”
Atiku criticized the NNPCL’s current status, claiming it only pretends to operate as a private entity while still serving as a financial tool for the Federal Government. “Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development,” he asserted.
He also expressed skepticism about the profitability of the NNPC’s recent plans, citing past attempts that were unsuccessful. Atiku urged the NNPCL to avoid making the contracting process opaque, as he alleged was the case with the OVH contract last year.
Furthermore, Atiku accused the NNPCL of providing political cover for President Bola Tinubu’s administration amid ongoing policy inconsistencies regarding subsidy payments.
