Atiku reacts to NNPC privatization, says process incomplete

Atiku Abubakar, presidential candidate under the banner of the Peoples Democratic Party (PDP), has recalled his plan to transform the Nigeria National Petroleum Corporation into a more efficient company.

Atiku’s statement came on the heels of the commercialization of the petroleum sector by the All Progressives Congress-led administration.

President Muhammadu Buhari in Abuja yesterday unveiled the new NNPC which would henceforth operate as a private company under the regulations of the government.

In his speech at the event, the President noted that the new NNPC would compete favourably with its peers globally and be unhinged from the traditional government-owned organisations’ regulatory inhibitions.

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“NNPC Limited will operate as a commercial, independent and viable National Oil Company (NOC) at par with its peers around the world, to sustainably deliver value to its over 200 million shareholders and the global energy community, while adhering to its fundamental corporate values of integrity, excellence and sustainability.

“NNPC Limited is mandated by law to ensure Nigeria’s national energy security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world,” Buhari stated.

Reacting to the development on Wednesday, the former vice president commended the decision, adding that it would make the company globally competitive.

He, however, hinted that more steps needed to be taken in order to make it more profitable.

He promised to complete the transition process of the privatization if he gets the mandate to serve in 2023.

“I had in 2018 made public my plans to reform the NNPC to make it more profitable, transparent and efficient. The APC-led government denigrated me for my patriotic vision”, he noted.

“But today, I am happy to note that the same government has taken a tentative step along the lines of the suggestions that I had made. It is a step in the right direction, but we are still far from what I had envisaged.

“I hope I’ll have the opportunity to complete the process of turning the NNPC into a genuinely world-class company in the mound of NLNG, Aramco of Saudi Arabia and Petrobras of Brazil, where Nigerians and institutions will invest in”, he added.