Atiku demands listing of NNPC on stock market amid alleged privatization of Warri, Kaduna refineries 

Paul Ibe, Abubakar’s spokesperson, disclosed this in a statement on Sunday, following accusations that NNPC Limited is attempting to transfer the operation and maintenance of the two refineries to private firms.

Quoting Atiku, Ibe emphasized that listing the national oil company on the stock market would foster much-needed transparency in the company’s operations and enhance corporate governance.

“Former Vice President of Nigeria Atiku Abubakar has demanded the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange in line with the Petroleum Industry Act. 

“Atiku said this in reaction to the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators who are expected to manage and operate them. 

“The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance. 

“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development,” the statement read in part.  

Naijaonpoint earlier reported that NNPC is seeking private firms to manage and maintain the operations of Warri and Kaduna refineries following decades of being in a moribund condition.

The Kaduna and Warri refineries are two of the four refineries owned by the Nigerian National Petroleum Corporation (NNPC) Limited. These state-owned refineries, located in Port Harcourt, Kaduna, and Warri, have been a critical part of Nigeria’s energy infrastructure for decades.

This history of missed targets has led many to question the feasibility of the current timeline.