Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has raised legal concerns over the Federal Government’s directive to transfer responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL) to the Central Bank of Nigeria (CBN).
Atiku argued that President Bola Tinubu’s directive, if carried out, would violate the legal status of the NNPCL and undermine its operational independence.
President Tinubu reportedly instructed the CBN to take over the responsibility for crude oil sales proceeds from the NNPC, requiring the NNPC to submit receipts for crude oil sales to the CBN for vetting and documentation.
In response to this directive, Atiku released a statement on Thursday, asserting that the action is not legally sound. He expressed concerns that the move would jeopardize the operational independence of the national oil company, stating, “By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria.”
Atiku emphasized the need for transparency and adherence to due process in public administration, particularly when dealing with state-owned enterprises like the NNPCL. He pointed out that the NNPCL was established under the Petroleum Industry Act 2021 (PIA), and any attempt to undermine its operational independence would hinder its growth and effectiveness.
He urged the government to respect the provisions of the law and allow the NNPCL to operate as an independent entity within the framework of the PIA. Atiku emphasized that this approach would contribute to attracting investments, ensuring transparency, and promoting corporate governance in the petroleum industry.
Furthermore, Atiku noted that the Central Bank Act of 2007 does not grant the CBN the responsibility to vet transactions or control internal audits in state-owned enterprises. He called for adherence to the law and suggested that entities like the Nigeria Extractive Industry Transparency Initiative (NEITI) and the CBN could enhance transparency and accountability in the NNPCL’s operations.
Atiku’s statement reflects his concerns about the potential legal and operational implications of the government’s directive on the NNPCL and highlights the importance of upholding the rule of law in managing state-owned enterprises.
