Former Vice President Atiku Abubakar has urged the Nigerian National Petroleum Corporation Limited (NNPCL) to list on the stock exchange, as required by the Petroleum Industry Act (PIA). This demand follows NNPCL’s decision to transfer management of the Warri and Kaduna refineries to private operators.

Atiku criticized NNPCL’s assertion of being a private entity, calling it misleading. He stated, “Listing NNPCL on the stock exchange, as mandated by the PIA, would enhance profitability, transparency, and corporate governance.” He argued that NNPCL remains a tool for the Federal Government’s financial control, and only a stock exchange listing would signify genuine independence.

In his statement, Atiku questioned NNPCL’s autonomy under the current administration, highlighting the company’s role in subsidy payments as a sign of inconsistent policy. He argued that NNPCL should function as a true private entity without government interference.

Atiku noted that past attempts to involve private operators in managing Nigeria’s refineries have failed due to transparency issues and unattractive contract terms. He suggested that the Bureau of Public Enterprise (BPE) and reputable technical partners like Standard and Poor’s be included in future deals to ensure credibility.

Referring to former President Olusegun Obasanjo’s comments about Shell’s refusal to operate Nigerian refineries, Atiku highlighted the persistent corruption within NNPCL. He pointed out that despite over $20 billion spent on refinery repairs in the past two decades, no substantial improvements have been made.

He also criticized the NNPCL’s privatization methods, citing failures of similar manage-and-operate models, such as those involving Manitoba Hydro International for the Transmission Company of Nigeria and Global Steel Limited for the Ajaokuta Steel Company.

Atiku called for transparency in NNPCL’s contract processes, referencing alleged corruption in the acquisition of OVH and Oando filling stations by NNPCL Retail. He warned that without transparency, privatizing the refineries would not yield positive outcomes for Nigerians.