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Atiku to FG: List NNPC on stock market to boost profit, enhance transparency

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Atiku Abubakar, former vice-president, has asked the federal government for an immediate listing of the Nigerian National Petroleum Corporation (NNPC) Limited on the stock exchange in line with the Petroleum Industry Act (PIA).

September 2, 2024 9:23 amAtiku Abubakar, former vice-president, has asked the federal government to immediately list the Nigerian National Petroleum Corporation Limited on the stock exchange in line with the Petroleum Industry Act .

“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,” he added.“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere.

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

 

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