Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, has strongly criticized the Federal Government's directive for the Central Bank of Nigeria to take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL). This directive, reportedly issued by President Bola Tinubu, has sparked concerns about its legality and potential impact on the operational independence of the national oil company.

In a statement released on Thursday, Atiku expressed his reservations about the directive, emphasizing that it undermines the legal status and operational autonomy of the NNPCL. He highlighted the lack of detailed information communicated to the public regarding the decision and raised questions about its compliance with due process and the legal framework governing the NNPCL's operations.

Atiku pointed out that the Petroleum Industry Act 2021 (PIA) provides extensive provisions for the formation, structure, governance, and operation of the NNPCL as an independent limited liability company. He stressed the importance of respecting the provisions of the law and allowing the NNPCL to function as an independent entity guided by sound commercial objectives and international best practices in corporate governance.

Furthermore, Atiku proposed measures to enhance transparency and accountability in the NNPCL's operations, suggesting that its bank accounts for crude sales proceeds, such as those at Morgan Stanley, and the entire crude sales conversion process should be subject to monitoring by the Nigeria Extractive Industry Transparency Initiative (NEITI) and the Central Bank of Nigeria (CBN). He emphasized the significance of upholding the NNPCL's operational independence to foster its growth as a reputable institution capable of attracting investments and achieving global relevance in the Petroleum Industry.

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