PDP presidential candidate and former Vice President in the 2023 election, Atiku Abubakar has condemned the directive by President Bola Tinubu to the Central Bank of Nigeria to take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPC Ltd.)
In a statement signed by him on Thursday, Atiku described the directive as illegal and that it undermines the operational independence of the national oil company
President Tinubu reportedly asked the NNPC Limited to send its receipts for crude oil sales to the CBN for vetting and documentation.
The directive, according to reports, was aimed at ensuring accountability and transparency.
Atiku said, whatever may be the merit of President Tinubu ‘s action, it violates the legal status of the NNPC Limited.
He argued that by the order, the president had wrestled control of the finances of the State oil company and handed it over to the CBN.
“Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPC Ltd.
“It is an arbitrary order capable of undermining the operational independence of the NNPC Ltd.
“By this order, Mr. President has wrested control of the finances of the NNPC Limited and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria,” he said.
The former vice president said state-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their respective establishment laws.
He warned that “any attempt to undermine the operational independence of the NNPC Limited would be a hindrance to any chances of attracting investments and attaining global relevance in the petroleum industry.”
Atiku said the CBN should be allowed to perform its core functions as provided in the extant law.
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