Atiku Criticizes Tinubu’s Directive to CBN on Crude Oil Sales Management
Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s directive to the Central Bank of Nigeria (CBN) to take over the management of crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL).
In a statement released on Thursday, Atiku condemned the directive as illegal and a threat to the operational independence of the national oil company. President Tinubu reportedly instructed the NNPCL to submit its receipts for crude oil sales to the CBN for verification and documentation, aiming to enhance accountability and transparency.
Atiku, who was the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, argued that the directive violates the legal status of the NNPCL. He expressed concerns that the president’s order effectively transfers control of the NNPCL’s finances to the Federal Ministry of Finance and the CBN, undermining the company’s autonomy.
The former vice president emphasized that state-owned enterprises should have full control over their finances within the framework of their establishment laws. He warned that any attempt to undermine the operational independence of the NNPCL could deter investments and hinder its global relevance in the petroleum industry.
Atiku urged the CBN to focus on its core functions as outlined in the existing law. He suggested that transparency and accountability in the NNPCL’s operations could be enhanced by allowing the Nigeria Extractive Industry Transparency Initiative (NEITI) and the CBN to monitor the company’s bank accounts for crude sales proceeds and its entire sales conversion process.
The NNPCL was established as an independent limited liability company under the Petroleum Industry Act 2021 (PIA), which provides detailed provisions for its governance and operations. Atiku emphasized the importance of respecting the law and allowing the NNPCL to function independently based on sound commercial principles and international best practices in corporate governance.
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