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

The Peoples Democratic Party (PDP) Presidential candidate in the 2023 election emphasized that such a move would enhance the company’s profitability, transparency, and corporate governance.

He criticized the NNPCL’s current structure, labeling it a facade, as it still functions as a financial tool for the federal government.

In a statement by his Media Adviser, Paul Ibe, Atiku questioned the consistency of the Tinubu administration’s policies, especially concerning fuel subsidies, and stressed the need for greater transparency in contract awards.

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

Atiku further suggested that credible bodies like the Bureau of Public Enterprises (BPE) and Standard and Poor’s should be involved in such transactions to ensure their success.

He warned against repeating past mistakes and underscored the importance of clear and transparent processes in privatizing the refineries.

Atiku said, “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.

“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 subsidy is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?

“The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed 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.”