The Center for Peace, Transparency, and Accountability (CPTA) has raised serious concerns regarding the deteriorating state of Nigeria’s oil and gas sector, particularly the ongoing fuel crisis and the moribund state of government-owned refineries.
This is just as the CPTA also called for the immediate listing of Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Stock Exchange, a move which is mandated by the Petroleum Industry Act (PIA) of 2021. The organization argues that this step is critical for enhancing transparency, accountability, and operational efficiency within the corporation.
The Executive Director of the Center, Comrade Patrick Ogheneyero disclosed this in a statement signed and made available to newsmen in Abuja today.
He stated that the persistent fuel shortages that have resulted in long queues across filling stations nationwide, has been causing significant hardship for millions of Nigerians.
According to him, the recent increase in fuel prices implemented by the Federal Government through the Nigerian National Petroleum Company Limited (NNPCL) has further deepened the economic struggles faced by the average citizen.
“The persistent and worsening fuel crisis in Nigeria, marked by long queues at filling stations, has no doubt imposed untold suffering on millions of Nigerians,”
“The recent upward review of fuel prices has only added to the public’s frustration, placing additional financial strain on households already grappling with the high cost of living,” he stated.
Comrade Ogheneyero stressed the listing of NNPCL on the stock exchange is not just a legal requirement under the Petroleum Industry Act but rather a vital step towards ensuring that the corporation operates with the highest levels of transparency and accountability.
He emphasized that as a publicly listed entity on the stock exchange, NNPCL would be subject to the scrutiny of shareholders, other regulatory bodies, and the general public, ensuring that its operations are conducted in the best interest of all Nigerians.
The Director further elaborated on the benefits of listing NNPCL, stating that it would provide unprecedented visibility into the corporation’s financial performance, governance structures, and strategic decisions. Additionally, it would allow ordinary Nigerians to become shareholders, directly participating in and benefiting from the wealth generated by the nation’s oil resources.
“The listing will attract more foreign investment, boost investor confidence, and contribute to the overall stability and growth of the Nigerian economy. It will create a platform for continuous public oversight, ensuring that NNPCL’s actions are always aligned with the national interest,” Comrade Ogheneyero said.
The ongoing fuel shortage, according to CPTA, is a clear indication of the operational inefficiencies and challenges that have plagued NNPCL for years. The organization urged the corporation’s management to treat the resolution of this crisis as a matter of national importance.
“The current fuel crisis underscores the urgent need for NNPCL to rebuild public trust through transparent and accountable governance,” Comrade Ogheneyero stated.
“The corporation must act decisively to restore fuel supplies across the country and stabilize prices at levels that are affordable for the average Nigerian. The hardships triggered by the removal of fuel subsidies have already taken a toll on the populace, and any further increases in fuel prices without corresponding measures to alleviate this burden will be unacceptable.”
CPTA’s call for the listing of NNPCL on the stock exchange is seen as a crucial step towards reforming Nigeria’s oil and gas sector, ensuring that the corporation operates with integrity and in the best interest of the Nigerian people.
“As the custodian of Nigeria’s most valuable natural resource, NNPCL must operate with the highest level of integrity and accountability,” Ogheneyero concluded. “This is not just about compliance with the Petroleum Industry Act; it is about securing the future of Nigeria’s oil and gas sector for the benefit of all Nigerians.”
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