Atiku Calls for Immediate Listing of NNPCL on NGX
Former Vice President, Atiku Abubakar, has demanded the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange in accordance with the Petroleum Industry Act. This demand comes after the NNPCL handed over the Warri and Kaduna refineries to private operators after $1.5 billion repairs failed to kickstart operations at the Port Harcourt refinery.
Atiku criticized the lack of transparency and corporate governance within the NNPCL, emphasizing the need for listing the company on the stock exchange to enhance profitability. He raised concerns about the government’s policy inconsistency on subsidy payments and pointed out past failures in attracting investors to revamp the refineries.
Despite promises of refinery commencement by NNPCL officials, the history of corruption and failed contracts in the company raise doubts about the effectiveness of the latest plan. Atiku highlighted previous unsuccessful collaborations with external partners and urged transparency in the contract award process to avoid further losses.
The ongoing delays in refinery operations and the continuous payment of subsidies present a challenging environment for private investors, making it essential for the government to prioritize transparency and accountability in its dealings with the NNPCL.
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