The 2023 Peoples Democratic Party presidential candidate,
Atiku Abubakar, has called on President Bola Tinubu’s administration to
promptly list the Nigerian National Petroleum Corporation Limited on the
Nigeria Stock Exchange.
The former Vice President declared that this move aligns
with the stipulations set forth by the Petroleum Industry Act.
Atiku’s demand follows the recent decision by NNPCL to
transfer the management and operation of the Warri and Kaduna refineries to
private operators.
In a statement issued by his media adviser, Paul Ibe, on
Sunday, Atiku emphasized that NNPCL should be listed on the stock exchange as
required by the Petroleum Industry Act.
“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,” he added.
He explained that this move would improve profitability,
transparency, and corporate governance.
The statement read in part, “The Peoples Democratic Party
(PDP) Presidential candidate said previous arrangements and concessions had not
worked because of a lack of transparency in the contract award process as well
as the failure of the government to attract investors.
“The former Vice President said that for such a deal to
succeed at all, the Bureau of Public Enterprise (BPE) and a credible technical
partner like Standard and Poor’s must be part of the process.
“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.
“This is why over $20bn that has been spent on the
refineries in the last 20 years has led to nowhere. It is also curious that a
government that is still paying petrol subsidies is trying to make its
refineries profitable. Which businessman will invest in a refinery that has
been programmed to operate at a loss?”
Atiku questioned the viability of the NNPC’s new plan,
noting that similar arrangements in the past had not been successful or
profitable.
The Waziri Adamawa urged NNPCL to avoid making the contract
process opaque as it did with OVH last year, which proved dubious and did not
resolve the ongoing fuel scarcity.
He continued, “The management and operating approach has not
always worked. The Manitoba Hydro International, which was handed to the
Transmission Company of Nigeria, led to nowhere. Similarly, Global Steel
Limited, which was handed to the Ajaokuta Steel Company, was not able to make
the facility profitable.
“The contract was questionably revoked by the Umaru Musa
Yar’Adua administration, and Nigeria ended up paying Global Steel a
compensation of nearly $500m while Ajaokuta remains comatose 17 years later.
“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.
“Barely eight months later, OVH turned around to take over
NNPCL Retail. This convoluted transaction was done in order to hide the
corruption involved. If this is the approach that the NNPCL wants to use in
handing over its refineries to private hands, then Nigerians should not expect
any positive development whatsoever.”
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com