September 2024
By Okafor Joseph

In a bold move that has sparked widespread debate, former Vice President Atiku Abubakar has called for the listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange market. Atiku, who has long been a critic of the government’s handling of the oil sector, described the NNPCL as the government’s “ATM,” implying that it has been used to funnel money without accountability.

At a recent economic forum in Lagos, Atiku argued that listing NNPCL on the stock exchange would enhance transparency and governance in the management of Nigeria’s oil wealth. He stressed that the public ownership of shares would subject the company to strict regulatory oversight, ultimately benefiting the Nigerian people.

“The NNPCL has for too long been treated as a cash cow for government officials, used to fund projects and initiatives without proper accounting or checks and balances,” Atiku said. “By listing NNPCL on the stock exchange, we can ensure that it is run like a business, with accountability to its shareholders—the Nigerian people.”

Atiku’s call comes at a time when Nigeria is grappling with economic challenges, including dwindling foreign reserves, a weakening currency, and rising inflation. The former vice president believes that the oil company’s public listing could help stabilize the economy by attracting both local and international investors.

The proposal has received mixed reactions. Some economic experts have praised Atiku’s suggestion, stating that it could help curb corruption and mismanagement in the oil sector. “Listing NNPCL would mean more transparency in the company’s operations, which is crucial for restoring investor confidence,” said Dr. Amina Bello, an economist at the University of Lagos.

However, critics argue that the move could expose the company to market volatility and potentially weaken the government’s control over a critical national asset. “The NNPCL is a strategic asset for Nigeria, and subjecting it to market forces could have unforeseen consequences,” said Senator Musa Lawal, a member of the Senate Committee on Oil and Gas.

In response to these criticisms, Atiku emphasized that his proposal does not mean giving up control of the NNPCL but rather ensuring that it operates in a more transparent and efficient manner. “We must stop seeing NNPCL as a private purse for the government and start treating it as a public trust. This is the only way to ensure that the wealth from our natural resources benefits all Nigerians,” he said.

As Nigeria continues to navigate its economic challenges, the debate over the future of NNPCL is likely to intensify. Whether or not Atiku’s proposal will gain traction remains to be seen, but it has certainly brought the issue of oil sector reform back into the national spotlight.