Oil and Gas

Group backs sale of NNPC

The Nigerian Forum for Good Governance has shown support towards the sale of the Nigerian National Petroleum Corporation because of its poor performance, especially, in recent years.

This comes after bold statements made by the 14th Emir of Kano, Alh. Sanusi Lamido Sanusi and the Governor of Kaduna State, Nasir El-Rufai, on scrapping and sale of the NNPC.

The PUNCH reported, that Governor Nasir el-Rufai had, had a few days ago, called for the sale of the nation’s refinery in view of its poor performance.

Speaking in the same vein, Alh. Sanusi Lamido Sanusi also recently asserted that the country’s four refineries which are more or less in comatose and apparently not satisfying the yearnings of the Nigerians should be unbundled and disbanded.

According to the group, the National oil company has become a burden that needs to be eradicated due to its hazardous impacts on economic growth and development.

The PUNCH reports, the group in a statement titled, ‘NNPC is A Burden that Must Be Scrapped and Sold Entirely’, which was jointly signed by its Coordinator and Secretary, Mukhtar Ahmed Funtua, and Reuben Joseph Kajang, have said, selling NNPC is the best option to cut off government’s dependence on oil in order to shift its attention towards developing other sectors of the economy.

The group also expressed their concern as well-meaning Nigerians with the overall good of the government across all sectors of the economy, said they fully agreed with Sanusi and El Rufai on the position that the national oil corporation has become a “money pit rather than a cash cow”, putting into account, the fact that the four refineries which are more or less comatose cannot meet up the purpose for which they were established.

The statement partly read, “We are saddened that besides massive stealing of our crude oil, NNPC has not been able to make a profit. It is laughable that as one of the major producers of crude in the world, we have continued to import refined fuel while exporting crude oil.

“It is also shameful that for over 40 years, it was unable to declare a Profit After Tax, until recently when it announced a concocted sum of 674 billion for the 2021 financial year.

“We make bold to say that NNPC under the President Muhammadu Buhari led administration is a leaking basket for its inability to fix any of the four refineries that are apparently the only unproductive organisation, yet maintained full complimentary workforce on its payroll.

This, they described foolhardy and detrimental to the economy. Worst still, one of the very few public companies that has refused to be accountable to even the government that set it up.

They acknowledged the recent commercialisation of the corporation in July, even though nothing per se has changed in the sector since then. Noting that, “even with commendable efforts of the Group Chief Executive Officer of NNPC Limited, Mal. Mele Kyari to transform the company, it has failed”.

“It is overt fraud to complacently settle for the importation of refined petroleum product and paying heavy subsidy and these must be discontinued before the next administration.”

“We equally concur with Governor of Kaduna State, Mal Nasir El-Rufai on his submission that Nigerian National Petroleum Company Limited (NNPCL) has become a burden and big problem to Nigeria,” the statement added.

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