Former Vice President of Nigeria, Atiku Abubakar, has called for the immediate listing of the Nigerian National Petroleum Corporation (NNPC) Limited on the Nigerian Stock Exchange (NGX).
This demand comes amid ongoing controversy surrounding the alleged privatization of the Warri and Kaduna refineries.
Paul Ibe, the spokesperson for Atiku Abubakar, issued a statement on Sunday in response to accusations that NNPC Limited is planning to transfer the operation and maintenance of the two refineries to private firms.
Atiku emphasized that listing the national oil company on the stock market is crucial for ensuring transparency and improving corporate governance within NNPC.
According to Ibe, Atiku stated, “The NNPCL should be listed on the stock exchange as mandated by the Petroleum Industry Act. This move would enhance the company’s profitability and bring much-needed transparency and accountability to its operations.
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Currently, the NNPCL claims to operate as a private entity, but this is misleading as it remains a financial tool for the Federal Government. Without listing on the stock exchange, any changes to NNPCL’s structure are merely superficial.”
This statement comes in the wake of reports that NNPC is seeking private firms to manage and operate the Warri and Kaduna refineries, which have been largely non-functional for years.
The oil company issued a circular outlining its plans to engage qualified firms through a three-stage tender process—Expression of Interest (EOI), Technical Evaluation, and Commercial Bidding. The goal is to revitalize the refineries, ensure they produce petrol, and bolster Nigeria’s energy security.
The tender process, as described in the circular, aims to maximize cost-saving opportunities related to procurement, personnel management, and the implementation of systems such as Computerized Maintenance Management Software (CMMS) and Warehousing Management System (WMS).
However, many view this initiative as a step toward privatizing the moribund refineries, prompting calls for NNPC to fully disclose the details of the deal to the public.
The Warri and Kaduna refineries are two of four refineries owned by NNPC Limited, with the others located in Port Harcourt.
These state-owned refineries have historically been central to Nigeria’s energy infrastructure, but their prolonged inactivity has led to a heavy reliance on imported refined petroleum products, adversely affecting the national economy.
Despite assurances from NNPC’s Group Managing Director, Mele Kyari, that the Port Harcourt refinery would begin operations last month and that the Warri and Kaduna refineries are scheduled to resume by the second half of 2025, there remains widespread skepticism.
This skepticism is fueled by previous unmet deadlines for the resumption of operations at these facilities.
Atiku’s call for listing NNPC on the NGX reflects a broader concern about the need for greater accountability and transparency in the management of Nigeria’s oil assets, particularly as the country grapples with significant economic challenges.
The debate over the privatization of the Warri and Kaduna refineries is likely to continue as stakeholders weigh the potential benefits and drawbacks of involving private firms in the operation of these critical national assets.