Former Vice President Atiku Abubakar has stated that the Nigerian National Petroleum Corporation Limited (NNPCL) remains the “ATM of the Federal Government” despite its claim to be a private firm.
He demanded the listing of the corporation on the stock exchange in line with the Petroleum Industry Act.
Atiku reacted to the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators, stating that previous arrangements and concessions had not worked due to a lack of transparency and failure to attract investors.
“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development.”
“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.”
Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.
“The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed the Ajaokuta Steel Company, was not able to make the facility profitable.”
“In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations. This convoluted transaction was done in order to hide the corruption involved”, Atiku Abubakar added.
