August 17, 2022

NNPC Limited Will Serve 200 Million Nigerian Shareholders Rather Than Enrich A Few Private Individuals-Group

2 min read

The Integrity Youth Alliance on Sunday lambasted an Ibadan-based labour activist and human rights lawyer, Femi Aborisade, and the immediate past Chairman of the Trade Union Congress (TUC) in Oyo State, Andrew Emelieze, for faulting the commercialization of the Nigerian National Petroleum Corporation (NNPC).

The Board Chairman of the group, Adewole Kehinde, berates the duo in a statement released in Abuja.

Adewole acknowledged that though the Nigerian National Petroleum Corporation has been riddled with corruption, the appointment of Mal Mele Kyari changed the fortunes of the corporation with the introduction of the Transparency, Accountability, and Performance Excellence (TAPE) agenda that brought about greater transparency and accountability in NNPC’s management of Nigerian oil and gas revenues to date.

He, therefore, condemned the immediate past Chairman of the Trade Union Congress (TUC) in Oyo State, Andrew Emelieze, for saying “commercializing the NNPC is undemocratic. It will not be tolerated by Nigerians. That was not what President Buhari promised Nigerians. What the government is doing is a fraud. The government is trying to sell Nigeria. The government is pursuing an ideological programme imposed by the World Bank and the International Monetary Fund (IMF).

He said: “We wonder where Femi Aborisade and Andrew Emelieze were when the Petroleum Industry Bill was before the National Assembly and seeking the input of all.

“We are bold to say that the NNPC Limited is not a tool for robbing or stealing the wealth that belongs to all and handing it over to the private sector. “Legally,” it is not a tool for robbing the public of common patrimony.

“We wish to remind the duo that the Nigerian National Petroleum Company Limited is ready to launch an initial public offering (IPO) in the middle of next year.”

According to the Group Chief Executive Officer of the company, Mal Mele Kyari, we are convinced that by the middle of next year, the company will be IPO-ready, which will translate into a system, processes, and a company that is accountable to its stakeholders and shareholders.

It will be recalled that Kyari has stated that all Nigerians are the shareholders in the new system of the NNPC Limited but are represented by the Ministries of Petroleum and Finance.

“NNPC Limited is owned by over 200 million Nigerians. The shareholders are always represented. And in this context, it’s now represented by the Ministries of Petroleum (incorporated) and Finance (incorporated) on behalf of the rest of the federation.

Adegbenga noted that with the unveiling of Nigerian National Petroleum Company Limited, we now have a smarter, more responsive, and more accountable company under the efficient Group Chief Executive Officer, Mal Mele Kyari.

Finally, the transition from NNPC to NNPC Limited would serve the over 200 million Nigerian shareholders rather than the perception of the duo that believed NNPC Limited would serve the purpose of enriching a few private individuals while impoverishing the masses of Nigeria.

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