TheCable

Adams Oshiomhole, national chairman of the All Progressives Congress (APC), has claimed that Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), said he would sell Nigeria’s oil reserves if elected.

The APC chairman made these remarks on Thursday while speaking at the presidential campaign that held in Warri, Delta state.

CLAIM: Atiku said he will sell the oil reserves, Oshiomole said.

“Yesterday I was watching the television and I saw the PDP candidate, a former customs officer, he was saying that in the unlikely event that Nigerians make the mistake of their lives to vote for him as president.

“He told Nigerians that whether they like it or not, even if he will die that he will sell the oil reserves in Delta state, he will sell the oil reserves in Akwa Ibom state, he will sell the oil facilities in Edo state. Atiku said he will auction all the oil properties of Nigeria whether Nigerians like it or not.”

What did Atiku say?

Speaking at an interactive session with the business community in Lagos on Wednesday, Atiku said he is committed to privatisation.

“Let me go back to my experience. When we got into office, I walked up to my boss and said, Sir, there are two mafia organisations in government: one is the Nigerian National Petroleum Corporation (NNPC) while the other one is the National Electricity Power Authority (NEPA),” he said.

“I said unless we dismantle these mafia organisations, we cannot make progress. Let’s privatise them… the long and short of this is that I am committed to privitisation as I have said. I swear even if they are going to kill me, I will do it (privatise NNPC).”

What are oil reserves?

Oil reserves represent the known amount of crude that can be recovered at a cost. It can be calculated for a well, field or a country. At present, Nigeria has a proven oil reserve of 37 billion barrels of crude oil.

According to the 1969 Petroleum Act, the entire ownership and control of all petroleum in, under or upon any lands shall be vested in the state.

As such, companies interested in the crude oil exploration obtain licenses and leases, they do not buy the oil blocks or the land. It remains the property of the state.

What are oil facilities?

Oil facilities refer to the equipment used in crude oil exploration. They include refineries, pipelines, and vessels to mention a few.

VERDICT: Oshiomole’s claim that Atiku said he would sell oil reserves in Delta and Akwa Ibom is false. His claim that the PDP presidential candidate said he will sell oil facilities in Edo is not totally correct.

Atiku’s statement was that he is committed to privatising the Nigerian National Petroleum Corporation (NNPC).