Former Vice President Atiku Abubakar has called for the immediate listing of the Nigerian National Petroleum Company Limited (NNPC) on the stock exchange, citing a lack of transparency in the recent handover of refineries to private operators. Atiku argued that listing the NNPC would enhance profitability, transparency, and corporate governance, as required by the Petroleum Industry Act (PIA).
He criticized the current arrangement, saying it’s a “ruse” to make the NNPC appear private while remaining a government-funded entity. Atiku also questioned the independence of the NNPC, given its continued involvement in subsidy payments and political protection.
The former vice president emphasized the need for transparency in contract award processes and the involvement of credible partners like the Bureau of Public Enterprise (BPE) and Standard and Poor’s (S&P). He cited past failures, including the rejection of refinery operation offers by Shell and the ineffective management of previous concessions.
Atiku expressed skepticism about the feasibility of the NNPC’s latest plan, given the history of unprofitable arrangements. He warned against opaque contract processes, citing the questionable transaction involving OVH and NNPC Retail.
Overall, Atiku’s statement emphasizes the need for transparency, accountability, and credible partnerships in the NNPC’s operations and contract awards.
