Former Vice President Atiku Abubakar has criticised President Bola Tinubu's recent directive, instructing the Central Bank of Nigeria (CBN) to take control of crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL).
In a statement posted on his official Facebook page on Thursday, February 01, 2024, Atiku condemned the move as illegal and a direct threat to the operational independence of the NNPCL.
He argued that President Tinubu's directive, which mandates the NNPCL to submit receipts for crude oil sales to the CBN for vetting and documentation, violates the legal status of the company.
Atiku asserted that such an order represents an arbitrary decision that jeopardises the autonomy of the NNPCL and essentially places control of its finances in the hands of the Federal Ministry of Finance and the CBN.
The former Vice President, also the People's Democratic Party (PDP) Presidential Candidate, criticised the action as lacking legal and ethical justification, citing a violation of due process in public administration.
Atiku pointed to the Petroleum Industry Act 2021 (PIA), explaining that the NNPCL, established as an independent limited liability company, must be allowed to operate according to the provisions of the law.
Sections 53 to 65 of the PIA outline extensive provisions for the formation, structure, governance, and operation of the NNPCL, according to Atiku, who stressed the importance of respecting the law and allowing the NNPCL to function independently based on sound commercial objectives, international best practices, and standard principles of corporate governance.
Atiku argued that only through such autonomy can the NNPCL evolve into a formidable institution with the technical and financial capacity needed for global relevance in the petroleum industry.
Furthermore, Atiku brought attention to the fact that the Central Bank Act 2007 does not confer the responsibility on the CBN to vet transactions or formulate and maintain internal controls and audits in state-owned enterprises, public or private.
He urged the CBN to adhere to its core functions as outlined in the extant law.
To ensure transparency and accountability in the NNPCL's operation, Atiku recommended that its bank accounts for crude sales proceeds, including those at institutions like Morgan Stanley, be monitored by the Nigeria Extractive Industry Transparency Initiative (NEITI) and the CBN.
Additionally, he proposed a better selection and reconstitution of the NNPCL board members, potentially including representatives from the CBN and NEITI, to enhance governance and oversight.