We don’t want govt interference anymore, we should be managed by private investors says Member, House of Representative, Hon. Barrister Sergius Ogun as he discussed the commercialization of NNPC with the ladies.
What The New NNPC Holds For Nigerians – House of Reps Member Reveals
Talking about what the new commercialization NNPC mean for the Nigerian People, Hon. Barrister Sergius said,
“I think its a right step in the right direction and i congratulate Nigerians for this but as much as we are excited about the New NNPC some of us are a bit skeptical about the way its been put together.
“Yesterday when the Minister of State Petroleum was speaking he said we have lost over 50 Billion USD because of the delay in passing this bill.
“He also said in the last 5 years 70 Billion USD has been invested in Africa but only 4% of that came to Nigeria again because we have not taking position on the QIA. But now we have the bill but they are still many questions we need to ask.
“Like he said, now it’s our company, they said its own by Nigerians, over 2oo million Nigerians, we have invested over 200 Billion in NNPC.
“They are so many things we need to look at but like i said, now that it is a limited liability, foreigners, investors will have confidence because the problem with NNPC in the past really is not the individual that worked there, it was actually the government, their interference…”
After 45 years of its creation and perpetual loss-making, President Muhammadu Buhari, yesterday, unveiled a new Nigerian National Petroleum Company (NNPC) Limited, a development that is generating dissent among stakeholders.
Despite the high hopes that Nigerians will soon reap the benefits of their oil resources after years of wasteful management and spending, some stakeholders shared yesterday that the new NNPC Limited may amount to little more than a name change.
Others envision a new national oil company that would compete with the likes of Saudi Aramco, which is currently ranked as the most valuable company in the world with a market valuation of $2.43 trillion.
As he unveiled the new NNPC, Buhari continued to emphasize the corporation’s position as a last option, reiterating that the company is required by law to assure Nigeria’s national energy security.
He expressed confidence that NNPC Limited will function independently of governmental funding and be exempt from institutional regulations like the Treasury Single Account while providing value to its more than 200 million shareholders and the global energy community in a sustainable manner (TSA).
‘’Our country places a high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.
‘’We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities,” he said.
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