Former vice president, Atiku Abubakar, has called for the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange in line with the Petroleum Industry Act.
Atiku in a statement signed by his spokesperson, Paul Ibe, said this in reaction to the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators who are expected to manage and operate them.
According to the former vice president, listing the company on the stock exchange would make it more profitable and enhance transparency and corporate governance.
He said, “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, Atiku said.
He further stated that NNPC Limited continues to provide a cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy, raising questions about the independence that the PIA requires of it as a private business concern.
He added that the previous arrangements and concessions had not worked because of a lack of transparency in the contract award process as well as the failure of the government to attract investors.
