Nigeria News :APC govt denigrated my plans to reform NNPC – Atiku. Thenewsgist
Posted On July 21, 2022
Atiku lauds Tambuwal for supporting his presidential bid
By Miftaudeen Raji
The presidential candidate of opposition People’s Democratic Party, PDP, Abubakar Atiku has reacted to the commercialization of the Nigerian National Petroleum Company Limited, NNPC, saying the All Progressives Congress, APC-led government denigrated him for his plans to reform the NNPC.
Atiku made the assertion on Wednesday in a statement via his verified Twitter handle.
The PDP presidential candidate stated that he had in 2018 made public his plans to reform the NNPC to make it more profitable, transparent and efficient.
Read Also: NNPC Ltd will guarantee Nigeria’s energy security, says Buhari
He added that “The APC-led government denigrated me for my patriotic vision.”
Atiku said, “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.”
The former vice president, however, said he hopes he will have the opportunity to complete the process of turning the NNPC into a genuinely world-class company in the mold of NLNG, Aramco of Saudi Arabia and Petrobras of Brazil, where Nigerians and institutions will invest in.
Recall that President Muhammadu Buhari has unveiled the new identity of the Nigerian National Petroleum Company Limited, NNPC, which now makes the corporation a limited liability company by shares.
The NNPC Limited is expected to be run as a private energy enterprise.
The unveiling ceremony took place at the presidential banquet hall in Abuja, and was attended by President of the Senate, Ahmed Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; chairman of the governors forum, Kayode Fayemi, federal executive council members, members of the diplomatic corps, governors, members of the national assembly, services chiefs, members of the NNPC board and royal fathers.
Speaking at the landmark event, Buhari said, “We are transforming our petroleum industry to strengthen the growth today July, 19 2022.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.”
Recall that the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).
Based on the new Petroleum Industry Act, the legal transition is expected to take effect from July 1.
Buhari signed the PIA into law by President Buhari in September last year to mark the completion of the NNPC incorporation.
The NNPC Limited has made history as the company with the highest share capital in the country, after it was floated with an initial capital of N200 billion.
The new entity will now be a commercially oriented and profit-driven national petroleum company independent of the government, with shareholders that will include the government body.
The NNPC Limited will be audited annually, and also declare dividends to its shareholders.