Atiku Abubakar, the former presidential candidate of the PDP, has declared the federal government’s directive to remit revenue from crude oil sales to the Central Bank of Nigeria (CBN) as illegal.
Atiku voiced his concerns on Thursday, asserting that this plan violates the legal status of the Nigerian National Petroleum Company Limited (NNPCL) and jeopardizes the company’s autonomy.
In his statement, Atiku emphasized that state-owned enterprises, such as the NNPCL, should not be subject to arbitrary orders, maintaining full control over their finances within the boundaries of their respective establishment laws.
He questioned the legality of President Bola Tinubu’s decision, arguing that it represents an unprecedented act lacking any legal or ethical basis.
Atiku elaborated on the Petroleum Industry Act (PIA), highlighting its provisions for the formation, structure, governance, and operation of the NNPCL as an independent limited liability company. He urged the government to respect these legal provisions and allow the NNPCL to function independently, adhering to sound commercial objectives and international corporate governance standards.
Recent reports stated that President Bola Tinubu directed the NNPCL to remit all proceeds from crude oil sales to the Central Bank of Nigeria.
This decision aimed to promote transparency and accountability in the oil and gas sector. As per the report, the NNPCL will submit receipts for crude oil sales to the CBN for vetting and documentation.
Senator Ali Ndume, the chief whip of the Senate, supported the decision, deeming it constitutional and suggesting that similar measures should apply to other government revenue-generating agencies
