Tinubu wrested control of NNPCL finances, donated it to CBN, Finance Ministry – Atiku

The 2023 Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has accused President Bola Tinubu of forcefully taking control of the finances of the Nigeria National Petroleum Company Limited, NNPCL.

Atiku said Tinubu wrested NNPCL finances and donated it to the Federal Ministry of Finance and the Central Bank of Nigeria, CBN.

Posting on X, he insisted that Tinubu’s action has no ethical or legal basis because it violates the principles of due process.

According to Atiku: “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.

“This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration.

“State-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their respective establishment laws.

“The NNPCL is a creation of the Petroleum Industry Act 2021 (PIA), which was signed into law by the President of the Federal Republic of Nigeria on 16 August 2021.

“The PIA makes extensive provisions for the formation, structure, governance, and operation of the NNPCL as an independent limited liability company in Sections 53 to 65 of the Act.

“The government must, therefore, respect the provisions of the law and allow the NNPCL to run as an independent company based on sound commercial objectives and in line with international best practices and standard principles of corporate governance.”