In a bold move, Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, criticized the recent directive by President Bola Tinubu for the Central Bank of Nigeria (CBN) to take over the management of crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL). Atiku argued that this directive is legally questionable and undermines the operational independence of the national oil company.
The former Vice President emphasized that the decision violates the legal status of the NNPCL as outlined in the Petroleum Industry Act 2021. He stated that the NNPCL, being an independent limited liability company, should have control over its finances within the framework of its establishment laws. Atiku pointed out the lack of transparency in the government’ s communication about the details of this decision, expressing concern that it could hinder the operational independence of the NNPCL, potentially affecting its ability to attract investments and achieve global relevance in the petroleum industry.
Highlighting the unprecedented nature of the directive, Atiku asserted that such arbitrary orders are contrary to principles of due process in public administration. He called for the government to respect the provisions of the law, allowing the NNPCL to operate independently based on sound commercial objectives and international best practices.
