Former Nigerian Vice President, Atiku Abubakar, Demands Independent Listing of NNPC Ltd on Stock Exchange
former Vice President of Nigeria, Atiku Abubakar, has called on the Nigerian National Petroleum Corporation Limited (NNPCL) to be listed independently on the stock exchange immediately, in line with the Petroleum Industry Act (PIA). This demand has been made in response to the corporation’s decision to hand over the Warri and Kaduna refineries to private operators.
Speaking through his Media Adviser, Paul Ibe, Atiku emphasized that by being listed on the stock exchange, the NNPCL would become more profitable, enhance transparency, and promote corporate governance. Notably, Atiku dismissed the corporation’s claim that it is a private institution, saying that it remains the ATMs of the Federal Government and that listing it is necessary to ensure accountability and oversight.
Atiku, in his statement, claimed that the NNPCL has been providing a canopy of political protection to cover President Bola Tinubu’s government’s policy inconsistentities on the payment of subsidies. He further hinted that the corporation’s continuous support for the government suggests a lack of independence needed by a private business operation, as required by PIA.
The former VP also questioned the feasibility of the NNPCL’s current plan, pointing to previous attempts that had shown to be unprofitable. Additionally, he criticized the corporation’s opaque practices in the contract process by pointing to the example with OVH last year and warned that such secrecy damages trust and undermines the democratic system.
The call, as stated by Atiku, is a demand on the NNPCL for the company to operate solely based on its corporate functions without the influence of politicized interference.
