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List NNPCL On Stock Exchange – Atiku Urges Tinubu

Published

4 months ago

Sep 1, 2024.

Former Nigerian Vice President Atiku Abubakar has urged President Bola Tinubu’s administration to promptly list the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange, as required by the Petroleum Industry Act (PIA).

Atiku, the Peoples Democratic Party (PDP) presidential candidate in the 2023 election, argued that such a move would boost the company’s profitability, transparency, and corporate governance.

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EKO HOT BLOG reports that His call follows NNPCL’s recent decision to transfer the management and operation of the Warri and Kaduna refineries to private operators. Atiku criticized the NNPCL’s current structure, describing it as a façade that still serves as a financial tool for the federal government.

In a statement from his Media Adviser, Paul Ibe, Atiku questioned the consistency of the Tinubu administration’s policies, particularly regarding fuel subsidies, and emphasized the need for increased transparency in contract awards.

He noted that past concessions had failed due to a lack of transparency and investor interest.

Atiku recommended involving credible bodies such as the Bureau of Public Enterprises (BPE) and Standard and Poor’s in the privatization process to ensure its success. He cautioned against repeating past mistakes and highlighted the importance of clear and transparent processes.

NNPCL Stock Exchange Atiku Tinubu

Atiku stated, “The NNPCL should 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 merely a façade as it remains a financial tool for the Federal Government.

“Anything short of listing the NNPCL on the stock exchange is just a cosmetic change.”

He criticized the current approach, citing previous failures such as the Manitoba Hydro International and Global Steel Limited’s management of Nigerian assets. He also mentioned recent convoluted transactions involving NNPCL and other companies, suggesting they were intended to obscure corruption.