Nigerian National Petroleum Company Limited! What about it? What does it mean? I've been wondering what this new private company is all about. What was the expected nature of NNPC before now? Is it a public company for the enrichment of private people or for public employment and income generation?

Buhari unveiled NNPC limited earlier this month (I think 20th July) in a shady ceremony were it was announced that NNPC will also stop making any remittances to FAAC see https://punchng.com/buhari-unveils-nnpc-limited-agency-halts-faac-remittances/

One wonders what then will happen to the proceeds made from selling our oil.... Has Buhari finally sold NNPC a national asset to himself and his cronies?

Over the years, NNPC as a corporation managed unproductive refineries but maintained full complimentary workforce on its payroll. It was the public company that derives joy in importing refined fuel while exporting crude oil at the detriment of the economy. It is one of the very few public companies that refused to be accountable to anyone, even the government that set it up. One of the few public companies that were not part of the treasury single account and the government department that, when sneezes, the other ministries catch cold. The public outfit that has hoodwinked everybody such that those who should know better and call to question the wrongdoings of the company or cooperation are in total silence or submission. When did the National Assembly pass the bill to allow NNPC a national asset to go private? Was there a public debate? Were the accounts of NNPC ever audited with public presentation as expected?

Since 1999, we have earned more than N150trn from oil in the last 22 years. That is far more than what was earned between 1960 and 1998, yet no single refinery built, no new power plants built, no new dams built, no new steel industry, and no new mechanised farmlands can be identified. New global technology has unleashed new opportunities into the global economy while Nigeria continues to wallow in old technology as a way of engaging in repairs of old refineries in the name of turn-around maintenance that turn the lives of individuals into billionaires and the nation into poverty trap.

The Chief Executive Officer of the new NNPC Limited and erstwhile General Manager of the NNPC of old explained that the new company would be smarter, more responsive and accountable and will act within the premises of all regulations guarding private enterprises. It will be managed to meet global standards of best practice in terms of governance. Now you will ask, what was the former NNPC supposed to do and why did they not do it? It is obvious that the agenda to sell the business to themselves has been kept away from the public. The existing refineries are already out of service and ought to have been sold out while building new ones but they kept on spending money to turn "themselves" around. It is obvious the NNPC management knew what to do but they had a different agenda. The agenda is to make the business look moribund and sell as scrap to the same management and their friends (cronies).

A country like Nigeria needs a developmental state economy which is a model of capitalism often referred to as state development capitalism. A developmental state is characterised by the existence of strong state intervention, as well as extensive regulation and planning. Also, if we are talking about inclusive growth, one of the elements is state participation in the economy. When a group of people privatise government property, it has no more positive meaning in economics than arm-twisting and magomago.

The National Assembly should revert NNPC Limited to its former status. Those who want to be part of the petroleum industry should establish their own with their funds. Each country has strategic industries based on strategic resource endowment and military armaments industry. The NNPC is one of Nigeria’s strategic industries and cannot be taken over by some individuals. If anyone or group is interested in the oil industry, they should follow the path of Dangote and establish the same with their funds. How do we allow Nigeria to be run like personal property and unleash poverty on the people of a resource endowed nation? What this means is that some people can just take our refineries and its other fixed assets, liquid assets, particularly financial assets and human resources and convert them to private property? Let us know the names of the shareholders. Is it a joke or voodoo affairs?

The state governments seem not to know their rights because whatever is earned by the NNPC should go to the federation account for sharing, not for the company to keep and spend as if the funds belong to it. There should be auditing of the accounts and all backlogs of funds belonging to the state should be refunded. The whole management of the NNPC Limited should be sacked for mismanaging the corporation, even when they know what should be done. The Nigerian people, supported by civil societies in the areas of transparency and accountability and the labour unions, should revolt against this injustice to the Nigerian state. Again, if anyone or group of people want to own business, they should do so with their funds not by appropriating our commonwealth. This unholy transformation should be halted now!

Buhari is a curse to Nigeria and Nigerians. He has destroyed virtually everything in the country. He will be remembered for all the wrong reasons.
He used this to campaign against Atiku only for him to now so the same thing. This is Hypocrisy of the highest order.

They called for atikus head when he suggested it. He has sold it out to his family and friends.
God which kind calamity be this man.?
How we take dey unfortunate like this?

This article reeks of misinformation.

I think it will do you lots of good to peruse the recently signed PIA.

When you do this, you can then come back and rewrite ur article.

You can't have an opinion from the point of total ignorance

Goddey18:
Buhari is a curse to Nigeria and Nigerians. He has destroyed virtually everything in the country. He will be remembered for all the wrong reasons.
He used this to campaign against Atiku only for him to now so the same thing. This is Hypocrisy of the highest order.

It is glaring that Buhari and his government is not sincere on the issue of privatizing NNPC. Who are the shareholders of NNPC limited?

Bebigiby:


It is glaring that Buhari and his government is not sincere on the issue of privatizing NNPC. Who are the shareholders of NNPC limited?

I have been asking this same question my brother.

Bleiz:
This article reeks of misinformation.

I think it will do you lots of good to peruse the recently signed PIA.

When you do this, you can then come back and rewrite ur article.

You can't have an opinion from the point of total ignorance

Not just PIA, go read about Aramco, petrobras and others. Its total bunkum he is trying to pass as informed opinion.

SU50:


Not just PIA, go read about Aramco, petrobras and others. Its total bunkum he is trying to pass as informed opinion.

His level of ignorance nauseated me. Coupled with the fact he says all those craps with pride. People should know that it's not bad choosing not to have an opinion on every issue.

I have no idea is much more honourable than showing ur ignorance

NNPC limited..... the joke is on Nigerians. Regarding PIA, since you claim to know more. Please tell us what you know....

Bleiz:
This article reeks of misinformation.

I think it will do you lots of good to peruse the recently signed PIA.

When you do this, you can then come back and rewrite ur article.

You can't have an opinion from the point of total ignorance