Atiku Abubakar demands the urgent listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange to comply with the Petroleum Industry Act (PIA), aiming for transparency and increased investor confidence.
Atiku Abubakar, a former Vice President, has urged for the prompt inclusion of Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange in adherence to the guidelines stipulated by Petroleum Industry Act (PIA).
Following the decision of NNPCL to relinquish control of Warri and Kaduna refineries to private operators, Atiku stated that there is a request for clarification.
He claims that the NNPCL has consistently shielded President Bola Tinubu’s government from criticism over their inconsistent policies on subsidy payment.
Questions about the required independence of NNPC Limited as a private business concern under PIA were raised by Atiku.
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Paul Ibe, Media Adviser to Atiku announced the information on Sunday in a statement.
According to the Petroleum Industry Act, it was expected that the NNPCL should be enlisted in the stock market. By executing this step, not only will it boost profitability of the enterprise but also augment transparency and corporate governance standards.
He said that the NNPCL’s claim of being private is merely a deception to mislead gullible individuals as it still operates as the Federal Government’s cash machine. Unless the NNPCL goes public and gets listed on the stock exchange, any changes made are just superficial improvements.
Atiku expressed doubt about the practicability of NNPC’s recent proposal, while noting that similar agreements in previous times had not yielded profits.
He cautioned the NNPCL against replicating the opaque contract process used for OVH last year.
