Former Vice President and 2023 Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, has called on President Bola Tinubu’s administration to expedite the listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the Nigeria Stock Exchange, in line with the Petroleum Industry Act (PIA).
Atiku’s demand comes in the wake of NNPCL’s recent decision to transfer the management and operation of the Warri and Kaduna refineries to private operators. In a statement released on Sunday by his media adviser, Paul Ibe, Atiku emphasized that listing NNPCL on the stock exchange is a necessary step to ensure profitability, transparency, and better corporate governance.
“NNPCL currently claims to be a private entity, but this is merely a facade. It still functions as the Federal Government’s ATM. Anything short of listing NNPCL on the stock exchange is just a cosmetic change,” Atiku stated.
He argued that the involvement of credible institutions like the Bureau of Public Enterprises (BPE) and reputable technical partners such as Standard and Poor’s is crucial to the success of any privatization efforts. Atiku criticized the lack of transparency in previous arrangements, noting that past concessions had failed to attract investors or yield positive results.
Citing former President Olusegun Obasanjo, Atiku highlighted that even Shell, one of the world’s leading oil companies, declined the offer to operate Nigeria’s refineries due to the deep-rooted corruption within NNPCL. He questioned the logic behind the government’s ongoing efforts to make its refineries profitable while still subsidizing petrol, pointing out that no investor would be willing to invest in a loss-making venture.
Atiku also referenced past failed contracts, such as the ones involving Manitoba Hydro International with the Transmission Company of Nigeria and Global Steel Limited with the Ajaokuta Steel Company. He warned that if NNPCL’s new plans follow a similar opaque and questionable process, as seen with the OVH transaction last year, Nigerians should not expect any meaningful improvement in the nation’s refining capacity.
In conclusion, Atiku urged NNPCL to conduct its contract processes transparently and avoid the pitfalls of previous failed attempts at privatization.
