Former Vice President Atiku Abubakar criticized the Nigerian National Petroleum Corporation Limited (NNPCL) for claiming to be a private entity while acting as the federal government’s financial backbone. He called for its listing on the stock exchange to enhance transparency and profitability amid ongoing management challenges.
In a recent statement, former Vice President Atiku Abubakar criticized the Nigerian National Petroleum Corporation Limited (NNPCL), asserting that despite its claims of being a private entity, it functions as the "ATM of the Federal Government." He emphasized the need for the NNPCL to be listed on the stock exchange by the Petroleum Industry Act.
Atiku's remarks came in response to NNPCL's decision to hand over the management of the Warri and Kaduna refineries to private operators. He argued that this move would not suffice without transparency and accountability. "Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development," he stated, urging for better corporate governance to make the company more profitable.
The ex-presidential candidate alleged that the NNPCL provides political cover for the inconsistencies in the Tinubu administration's subsidy policies. He pointed out that previous attempts at privatization had failed due to a lack of transparency in contract awards and the government’s failure to attract investors.
Atiku also noted the historical context, mentioning that even global oil giants like Shell have rejected offers to operate Nigeria's refineries due to pervasive corruption within the NNPCL. He questioned the feasibility of the NNPCL's latest initiatives and criticized past management strategies that have proven unsuccessful. “The manage and operate approach has not always worked,” he said, drawing parallels with other failed privatization efforts in the country.
He concluded by warning that if NNPCL continues its opaque contracting practices, as seen in previous deals, Nigerians should not expect any positive outcomes from the latest privatization attempts.
