Atiku also accused the Tinubu-led govt of driving the NNPCL to ruin, describing its current actions as the “ruthless dismantling of its assets.”
By Kehinde Okeowo
Peoples Democratic Party (PDP) 2023 presidential candidate, Atiku Abubakar has berates the Nigerian National Petroleum Company Limited (NNPCL) following its admission of a $6 billion debt to petrol suppliers, saying the company lacks “transparency”.
NNPCL had on Sunday disclosed that its indebtedness to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), poses a threat to the sustainability of fuel supply.
While confirming this, the Chief Communications Officer of the company, Olufemi Soneye, also highlighted the severe financial strain the situation has imposed on the company’s operations.
“NNPC Ltd has acknowledged recent reports regarding its significant debt to petrol suppliers. This financial strain threatens the sustainability of fuel supply,” Soneye stated.
He, however, assured that NNPCL remained committed to its role as the supplier of last resort, as outlined in the Petroleum Industry Act (PIA), and is working with government agencies to ensure a consistent supply of petroleum products nationwide.
Reacting to the statement through his media aide, Phrank Shaibu, Atiku expressed deep concern over the development.
“What has become of these fictitious or phantom profits you once proudly proclaimed? Layers of deceit and lack of transparency have brought you to this unfortunate juncture,” Atiku said in a terse statement via X.
He also accused the President Bola Tinubu-led administration of driving the NNPC to ruin, describing the current actions as the “ruthless dismantling of its assets.”
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Meanwhile, the former Vice President has demanded the immediate listing of NNPCL on the stock exchange in line with the Petroleum Industry Act, (PIA).
He made the call on Sunday in a statement issued by his Media Adviser, Paul Ibe.
Atiku said the demand follows the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators.
According to him, the NNPCL has continued to provide a cover of political protection to President Bola Tinubu’s government policy inconsistency on the payment of subsidy.
Atiku said this raises questions about the independence that the PIA requires of the NNPC Limited as a private business concern.
He said, “The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.
“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.”
The PDP chieftain went on to question the feasibility of the NNPC’s latest plan even as he pointed out that such arrangements in the past had not been profitable.
He advised the NNPCL not to make the contract process opaque like it did with OVH last year.