Former Vice-President Atiku Abubakar has criticized the Nigerian National Petroleum Corporation (NNPC), calling it a “cesspool of endemic corruption.”
He urged President Bola Tinubu to take immediate action to list the NNPC Limited on the stock exchange in line with the Petroleum Industry Act (PIA).
Atiku, who was the Presidential candidate for the Peoples Democratic Party (PDP) in the last election, made this demand through his Media Adviser, Paul Ibe. He stated, “The NNPCL is supposed to have been listed on the stock exchange in accordance with the Petroleum Industry Act. This would enhance the company’s profitability, transparency, and corporate governance.”
He further argued that despite the NNPCL’s claims of privatization, it still functions as a financial tool for the federal government. “Anything short of listing the NNPCL on the stock exchange is merely a superficial reform,” Atiku remarked.
Atiku also criticized the NNPCL for providing political cover to the Tinubu administration regarding its inconsistent policies on subsidy payments. He questioned the company’s independence as required by the PIA and criticized the lack of transparency in its contract award processes, which he claims have deterred investors.
For any meaningful reform to occur, Atiku insists that the Bureau of Public Enterprises (BPE) and a reputable technical partner like Standard and Poor’s must be involved. He cited former President Olusegun Obasanjo’s recent disclosure that Shell, one of the world’s largest oil companies, declined to operate Nigeria’s refineries due to the NNPCL’s corruption issues. “Over $20 billion spent on refineries in the last 20 years has led to no progress,” he added.
Atiku expressed skepticism about the NNPCL’s latest plans, noting that similar approaches had failed in the past. He pointed to examples such as Manitoba Hydro International’s management of the Transmission Company of Nigeria and Global Steel Limited’s handling of Ajaokuta Steel Company, both of which failed to deliver profitability.
He also criticized the NNPCL for its handling of a contract with OVH last year, describing it as opaque and dubious. The opposition leader advised the NNPCL to ensure transparency in future deals to avoid repeating past mistakes.
