TheCable

Atiku Abubakar, former vice-president and presidential candidate of the Peoples Democracy Party (PDP), says the transition of the Nigerian National Petroleum Corporation is shrouded in secrecy.

Abubakar said this in an interview with AriseTV on Friday.

On Tuesday, President Muhammadu Buhari unveiled the Nigerian National Petroleum Company Limited (NNPC) Limited.

Buhari had said the transformation would strengthen the capacity and market relevance of Nigeria’s oil industry — regulated by the Companies and Allied Matters Act (CAMA), following the Petroleum Industry Act (PIA) 2021. 

But the PDP presidential candidate said he does not know how the transition is being done, adding that the international communities have not also seen it in a transparent manner.

“Yes, the government has announced that it is started privatising the NNPC but a lot needs to be done. Because it appears that it is being done secretly. In other words, otherwise, nobody, Nigerians and other members of the international community have not seen it in a transparent manner,” Atiku said.

“If you ask me honestly, I do not know how it’s being done, and by whom what is the scope of the privatisation? How much is being privatised, and how much is being retained by the government?”

TheCable understands that the landmark Petroleum Industry Act (PIA) outlines guidelines and legal framework for the new NNPC Limited.

Here is an explainer of the new NNPC Limited.