Atiku Demands Immediate Listing of NNPCL on Stock Exchange in Line With PIA

Posted by Thandiubani on Mon 02nd Sep, 2024 - tori.ng

Atiku said the demand follows the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators.

Former Vice President Atiku Abubakar has asked for the listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange.

According to him, this is in line with the Petroleum Industry Act, PIA.

He was reacting to the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators.

According to him, the NNPCL has continued to provide a cover of political protection to President Bola Tinubu’s government policy inconsistency on the payment of subsidy.

Atiku said this raises questions about the independence that the PIA requires of the NNPC Limited as a private business concern.

This was made known on Sunday in a statement by Paul Ibe, Media Adviser to Atiku.

“The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.

“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 said.

Atiku also questioned the feasibility of the NNPC’s latest plan even as he pointed out that such arrangements in the past had not been profitable.

He advised the NNPCL not to make the contract process opaque like it did with OVH last year.