ENUGU, Nigeria (VOICE OF NAIJA)- Former Vice President Atiku Abubakar has raised concerns and criticized the recent decision by President Bola Tinubu’s government to direct the Central Bank of Nigeria (CBN) to oversee and control crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL).
In a statement posted on Thursday via his official Facebook page, Atiku argued that this directive is illegal and poses a threat to the operational independence of the NNPCL.
President Tinubu’s directive reportedly mandates the NNPCL to submit receipts for crude oil sales to the CBN for vetting and documentation, a move that Atiku views as infringing on the legal status and operational autonomy of the NNPCL.
Atiku expressed concern that the order from the President undermines the NNPCL’s finances by allocating control to the Federal Ministry of Finance and the CBN, describing it as lacking legal and ethical justification and a violation of due process.
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Referencing the Petroleum Industry Act 2021 (PIA), Atiku emphasized that the NNPCL, established as an independent limited liability company, must be allowed to operate in accordance with the law.
The PIA outlines provisions for the formation, structure, governance, and operation of the NNPCL.
Atiku stressed the importance of adhering to the law, asserting that the NNPCL should function independently based on commercial objectives, international best practices, and corporate governance principles.
He pointed out that the Central Bank Act 2007 does not confer the responsibility on the CBN to vet transactions or formulate internal controls and audits for state-owned enterprises.
Atiku urged the CBN to adhere to its core functions as outlined in the law.
To ensure transparency and accountability in the NNPCL’s operations, Atiku suggested monitoring its bank accounts through entities like the Nigeria Extractive Industry Transparency Initiative (NEITI) and the CBN.
Additionally, he recommended a more careful selection and reconstitution of the NNPCL board, potentially including representatives from the CBN and NEITI.