Former Nigerian Vice President Atiku Abubakar has urged the Nigerian National Petroleum Corporation (NNPC) Limited to list on the Nigerian Stock Exchange (NGX) amidst growing concerns about the potential privatization of the Warri and Kaduna refineries.
This call was made public by Atiku’s spokesperson, Paul Ibe, in a statement released on Sunday. The statement followed allegations that NNPC Limited is considering handing over the operation and maintenance of the two refineries to private entities.
In the statement, Atiku emphasized that listing the national oil company on the stock market would significantly improve transparency and corporate governance within the NNPC. He argued that such a move is in line with the mandates of the Petroleum Industry Act (PIA), which seeks to reform and modernize the country’s petroleum sector.
“The Nigerian National Petroleum Corporation Limited should be listed on the stock exchange as stipulated by the Petroleum Industry Act,” Atiku stated. He expressed concerns over the NNPC’s decision to transfer the management of the Warri and Kaduna refineries to private operators, urging for more transparency in the process.
“At present, the NNPC claims to operate as a private entity, but this is merely a facade to deceive the public. The reality is that it remains a financial tool for the Federal Government. The only way to ensure true accountability and profitability is to list the company on the stock exchange,” Atiku’s statement further read.
Background
Recent reports from Nairametrics indicate that the NNPC is in the process of seeking private firms to manage the operations of the Warri and Kaduna refineries, which have been inactive for years. The corporation has outlined a three-stage tender process—Expression of Interest (EOI), Technical, and Commercial—intended to identify firms capable of reviving these critical infrastructures and ensuring they contribute to Nigeria’s energy security.
The move has sparked concerns and debates, with critics urging NNPC to disclose the full details of the arrangements to the public. Many see this as an attempt to privatize the refineries, which have long been seen as underperforming assets within the nation’s energy portfolio.
Key Information
The Kaduna and Warri refineries, along with those in Port Harcourt, are part of Nigeria’s state-owned energy assets managed by NNPC Limited. Over the years, these refineries have struggled with operational inefficiencies, forcing Nigeria to depend heavily on imported refined petroleum products, which has strained the economy.
Despite assurances from NNPC’s Group Managing Director, Mele Kyari, that the Port Harcourt refinery would resume operations soon, with the Kaduna and Warri refineries expected to follow by the latter half of 2025, there remains widespread skepticism due to the history of missed deadlines and unfulfilled promises in the sector.
