Nigerian National Petroleum Company, NNPC Limited, has been challenged to enlist on the stock exchange, ostensibly the Nigerian Exchange, NGX, Limited if it is not “the ATM of the federal government”.
This challenge was given by the former Vice-President, Mr Atiku Abubakar, in a statement signed by his Media Adviser, Mr Paul Ibe, over the weekend.
Mr Atiku stated that by now, based on the Petroleum Industry Act (PIA), the shares of the state-owned oil agency should have been on the stock market for members of the public to buy and sell.
He lamented that the NNPC has remained a cash cow of the federal government, claiming to be independent when it is not.
The former presidential candidate of the Peoples Democratic Party ,PDP, in the 2023 general elections, therefore, asked President Bola Tinubu to immediately put in place measures to list the company on the NGX as mandated by law for accountability and corporate governance.
“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”, the former VP said.
He stated that the refusal of the NNPC to make its shares available to Nigerians and others showed that it provides a cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy.
Mr Atiku also faulted plans by the NNPC to hand over the country’s refineries to private investors to manage and operate, saying this system “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”, he said.
“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500 million while Ajaokuta remains comatose 17 years later”, Mr Atiku added.
