Atiku Calls For NNPCL Stock Market Listing, Criticizes Its Use As ‘Gov’t ATM

Atiku Calls For NNPCL Stock Market Listing, Criticizes Its Use As ‘Gov’t ATM

Former Nigerian Vice President Atiku Abubakar has called for the Nigerian National Petroleum Company Limited (NNPCL) to be listed on the stock exchange, in alignment with the provisions of the Petroleum Industry Act (PIA)…..CONTINUE READING 

This call comes in the wake of NNPCL’s decision to hand over the management of the Warri and Kaduna refineries to private operators.

“The NNPCL should have been listed on the stock exchange as mandated by the Petroleum Industry Act. This move would make the company more profitable, while also improving transparency and corporate governance,” Atiku said in a statement released by his media aide, Paul Ibe.

Atiku criticized the current status of the NNPCL, arguing that its claim to being a private entity is misleading.

“NNPCL claims to be a private company, but this is a facade designed to deceive the uninformed. In reality, it continues to serve as the Federal Government’s ATM,” he stated.

He further argued that anything short of listing NNPCL on the stock exchange would be merely a superficial change.

Atiku also raised concerns about the NNPCL’s role in supporting the Tinubu administration’s inconsistent subsidy policies, questioning whether the company operates with the independence required under the PIA.

He pointed to previous failed ventures, which he attributed to a lack of transparency and insufficient investor interest.

For a successful transition, Atiku suggested the involvement of the Bureau of Public Enterprise (BPE) and a reputable technical partner, such as Standard and Poor’s.

He also referenced former President Olusegun Obasanjo’s recent revelation that even Shell, one of the world’s most affluent oil companies, declined the opportunity to operate Nigeria’s refineries, citing the NNPCL’s history of deep-rooted corruption.

Atiku expressed doubts about the NNPCL’s latest plan, highlighting past unsuccessful partnerships. “The manage-and-operate approach has not always yielded results. For instance, Manitoba Hydro International’s management of the Transmission Company of Nigeria and Global Steel Limited’s handling of the Ajaokuta Steel Company both failed to make those entities profitable,” he noted.

He advised NNPCL to steer clear of opaque contract processes, citing the questionable 2022 deal involving Nueoil and OVH.

“If the NNPCL adopts a similar approach in transferring its refineries to private operators, Nigerians should not expect any significant improvement,” Atiku warned.

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