Atiku ‘happy’ about NNPC’s deregulation in line with policy document


Okowa Best Choice As My Running Mate- Atiku Boasts

The Peoples Democratic Party’s (PDP) presidential candidate Atiku Abubakar claimed he had plans to overhaul the Nigerian National Petroleum Corporation (NNPC) in 2018.

Atiku made this assertion on Wednesday, July 20, following President Muhammadu Buhari’s announcement of NNPC Limited in accordance with the Petroleum Industry Act.

The former vice president alleged in a series of tweets that the All Progressives Congress (APC)-led administration derailed his intentions.

Prior to the 2019 elections, he left the APC in 2017.

Atiku promised to privatize NNPC if elected president of Nigeria in 2019 during the height of the presidential campaign.

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In a similar manner to how former President Olusegun Obasanjo sold Nigerian Telecommunications Limited, he declared he would deregulate the NNPC and sell it to Nigerians.

He tweeted;

I had in 2018 made public my plans to reform the NNPC to make it more profitable, transparent and efficient. The APC-led government denigrated me for my patriotic vision.

However, Atiku said the restructuring of the company was commendable but was far from his vision for the company.

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.

I hope I’ll have the opportunity to complete the process of turning the NNPC into a genuinely world-class company in the mould of NLNG, Aramco of Saudi Arabia and Petrobras of Brazil, where Nigerians and institutions will invest in.

Unveiling Of New NNPC

Tuesday’s unveiling of the new Nigerian National Petroleum Company Limited (NNPC) by President Muhammadu Buhari marked the official transition of the oil company from a totally state-run organization to a for-profit business limited by shares.

In contrast to the past corrupt government organization, the NNPC Limited is anticipated to be run as a private energy company.

The unveiling took place at the presidential banquet hall, in Abuja.

President Buhari, in his speech, explained the new ccorporation will run without any backing from the Federal Government.

He noted;

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.

The corporation changed into a company whose operations will be governed by the Companies and Allied Matters Act weeks before the ceremonial launch, as a new Petroleum Industry Act-based legal transition went into force on July 1.

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