Atiku Criticizes FG’s Directive to NNPCL: Oil Sale Remittances to CBN Deemed Illegal

Former Vice President Atiku Abubakar has raised concerns over the Federal Government’s directive for the Nigerian National Petroleum Company Limited (NNPCL) to start remitting oil sale proceeds to the Central Bank of Nigeria (CBN).

Atiku argues that this move is not only illegal but also threatens the operational independence of the NNPCL. He believes that the directive undermines the legal status of the NNPCL and is an unprecedented act without any ethical basis.

In a statement released by the presidential candidate of the People’s Democratic Party (PDP), he stated that “By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria.”

According to sources with knowledge of the development, the ex-VP emphasized that it is an “unprecedented act without any legal or ethical basis.”

He further added that state-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their establishment laws.

This issue has sparked debates among various stakeholders in Nigeria’s oil industry.

Some believe that the move could potentially improve transparency and accountability in the management of oil revenues, while others share the concerns raised by Atiku, emphasizing the need for adherence to legal and ethical standards.

As this situation unfolds, it remains to be seen what implications this directive will have on Nigeria’s oil industry and the operations of the NNPCL.

The debate surrounding the legality of the directive and its potential impact on the NNPCL’s independence is likely to continue as stakeholders seek a resolution that will benefit the nation’s oil sector and its people.