List NNPCL on stock exchange market – Atiku
Atiku Abubakar, the former Vice President of Nigeria, has urged that the Nigerian National Petroleum Company Limited (NNPCL) be listed on the stock exchange, as mandated by the Petroleum Industry Act. His call comes in response to the NNPCL’s recent decision to transfer the management of the Warri and Kaduna refineries to private operators.
Atiku emphasized that listing the NNPCL on the stock exchange would align with the Petroleum Industry Act’s requirements and would enhance the company’s profitability, transparency, and corporate governance. He criticized the current NNPCL setup, arguing that its claim of being privatized is deceptive, as the company continues to function as a financial resource for the Federal Government.
He described the current arrangement as merely cosmetic, asserting that anything less than a stock exchange listing falls short of meaningful reform. Additionally, Atiku expressed concern that the NNPCL is concealing inconsistencies in the subsidy policies of President Bola Tinubu’s administration, questioning the required independence outlined in the PIA.
Atiku also noted previous failures due to a lack of transparency and investor confidence. For a successful outcome, he suggested involving the Bureau of Public Enterprises (BPE) and a reputable technical partner like Standard and Poor’s. He cited former President Olusegun Obasanjo’s recent revelation that Shell, a leading global oil company, declined to operate Nigeria’s refineries due to the NNPCL’s entrenched corruption.
Furthermore, Atiku challenged the feasibility of the NNPCL’s latest plan, referencing past unsuccessful models. He pointed out that similar approaches, such as Manitoba Hydro International’s management of the Transmission Company of Nigeria and Global Steel Limited’s management of the Ajaokuta Steel Company, did not yield positive results.
He cautioned the NNPCL against opaque contract processes, referencing the controversial 2022 deal involving Nueoil and OVH. Atiku warned that if the NNPCL continues with its current approach to privatizing the refineries, Nigerians should not anticipate any substantial improvements.
