Nigeria must “kill” NNPC – el-Rufai

Nasir el-Rufai, Kaduna State Governor

The governor of Kaduna State, Nasir el Rufai, has said Nigeria must do away with its “corrupt” oil company, the Nigerian National Petroleum Corporation, NNPC, or stand the risk of itself being destroyed.

“If you don’t kill the NNPC, it will kill Nigeria,” Mr. el-Rufai said Monday at the 7th Wole Soyinka Centre Media Lecture Series in Abuja, where he was a guest speaker.

Mr. El-Rufai said the NNPC has become so entrenched in corruption that the only way out for Nigeria is not to attempt to salvage the corporation, but to destroy it and create a new oil company.

He said he hoped President Muhammadu Buhari will implement that proposal.

The governor said as a former director general of the Bureau of Public Enterprises, he was confident a messy organisation could be disbanded and turned into a useful one.

He said NNPC has become so corrupt and arrogant that it runs a parallel government and unilaterally decides what it remits to a nation of 170 million people, while its hundreds of employees feed fat on Nigeria’s resources.

In the last three years, Mr. el-Rufai said the NNPC retained 42 per cent of Nigeria’s money, and remitted only 58 per cent.

“About N971bn was budgeted for subsidy payments in 2014 alone (more than twice that was eventually paid). You all recall how trillions of naira were paid out as oil subsidy in 2011, when only N254bn was appropriated. No one has been successfully prosecuted for this scam. Huge deficits in gas supply have ensured that the country’s thermal plants cannot produce power at optimal levels,” he said.

“The long and short of the situation of our oil industry is best exemplified by the parallel government called the NNPC. In 2012, it sold N2.77tn of ‘domestic’ crude oil but paid only N1.66tn to the Federation Account. In 2013, it earned N2.66tn but paid N1.56tn to FAAC; in 2014, (it earned) N2.64tn, but remitted N1.44tn; while between January and May 2015, it earned N733.36bn and remitted only N473.2bn.

“That means that the NNPC only remitted about 58 per cent of the monies earned between 2012 and the first half of 2015. A company with the audacity to retain 42 per cent of a country’s money has become a veritable parallel republic!”

He said the examples he gave were only with respect to domestic crude oil sale. “Similar leakages exist in the NPDC, NAPIMS procurement and subsidiary budgets,” he said.

“The NNPC feels entitled to consume more resources than the 36 states, the FCT and the Federal Government combined. How could a country so dependent on oil revenues have been so lax about the proper governance, efficiency and security of its oil industry?” he lamented.

He identified the need to remove the undue premium on public ownership and control of every major oil asset, while checking the impact of corruption and distortion of oil subsidy on the country’s economy, and restructuring of the NNPC in the national interest.

To realise the potentials of the oil industry, he said the government must not only define exactly what the country wants the oil industry to be and to achieve, but also the structure that would best deliver it.

“An efficient and productive oil sector, able to create jobs, spur industrialization and earn more revenues requires that we tackle the monster that the NNPC has become,” he said. “We should replace the NNPC with brand new organizations that are fit for purpose – a commercialized and corporatized national oil company and new industry regulators.

He said the new national oil company should be capitalized once and for all, and then freed to fend for itself like other national oil companies, by seeking its financing independently from the financial markets and paying due taxes and royalties.

“An efficient and productive oil sector, able to create jobs, spur industrialisation and earn more revenues, requires that we tackle the monster that the NNPC has become. This country can no longer afford to maintain an NNPC that arrogantly, unlawfully and unconstitutionally spends an unhealthy proportion of national oil earnings on itself,” he said.

“We should replace the NNPC with brand new organisations that are fit for purpose, among others, a commercialised and corporatised national oil company, and new industry regulators. This new national oil company should be capitalised once and for all, and then freed to fend for itself like other national oil companies do, seeking its financing independently from the financial markets and paying due taxes and royalties.

He said no one qualified more to appreciate the rot in the NNPC, and to deal with the menace, than President Buhari who was the pioneer head of the NNPC in 1977.

“No one can appreciate the gap between the vision of the NNPC’s founding fathers, the beautiful baby of 1977 and the 38 year-old monster it has become better than President Buhari. The NNPC of today must make Chief Sunday Awoniyi of blessed memory squirm in his grave. Something fundamentally decisive must be done to tame this monster,” Mr. el-Rufai said.

Mr. el-Rufai lamented the irony of about 70 million, or 40% of Nigeria’s total population, currently living below the poverty line, despite the country’s earning of at least $1trillion from oil in the last 50 years.

“For our vast masses, oil is no fortune,” Mr. El Rufai said. “It is more of a mirage, but a more insidious kind, because the fortune is visible in the lifestyles of a few thousands of the privileged elite, but is stubbornly inaccessible to tens of millions of ordinary people.

“Our rich enjoy the lifestyles of the richest in the world, while our poor are truly the wretched of the earth. This inequality is most unfortunate.”

To avoid sinking deeper into poverty, Mr. El-Rufai said the country must resolve to spend wiser, and do more with less by changing its big appetite to consume rather than save; import, rather than produce domestically, or neglect to prioritize capital investments.

The major responsibility of a democratic government, he said, was to ensure that people were moved away from pain of extreme poverty, by managing the country’s resources in a way that would sustain building the people, through diligent revenue collection and cost-effective and resulted –oriented application.


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  • Omooba Adekunle Orafidiya

    Reckless, irresponsible statement and violent laguage from another senseless APC midget.


      Nothing will happen to Saraki,the SE/SS will now back him fully since marginalisation has started,at least Saraki and his gang may not degenerate to the level of ethnic appointments going on. Before he had no support but now we have to mobilise and make sure he survives as the balancing factor to the PMB marginalisation agenda.


        Unfortunately for you, Saraki will not give u a job!!! Ha!ha!ha!


          I will never work for any man but me till I die. I am Igbo

          • zacchaeus Akinleye

            You are a rabid ethnic jingoist, who gets a kick from pouting baseless insinuations. Nigeria does not belong only to the SS/SE.

      • ##GoodRiddanceToJonathan

        Is this ur only source of livelihood? Looks like u hav nothing doing than surfing Sahara, Pointblanknews and Premium times. Eyya, looks like u’ll do anything to get attention. Idleness is indeed the devil’s workshop!


          I have been self employed for 16 years,I am a real Igbo man who works hard and I am very well off. Saraki is better than the narrow minded people marginalising whole populations.

    • Hassan Lawal

      I wonder why you dont reason like a Yoruba man, most Yorubas that i know,are of better minds. Your comments,mostly is bereaved of logics and always a reflection of a corrupt and porous mind
      .What,for goodness sake is wrong with what El-rufai said,has he lied?

      • SAM .A

        He is a wannabe Yoruba man. He is Ijaw by birth, denounce it to carry that useless Omo oba title.A true Yoruba Prince will never be too verbose and abusive like this goat.Prince are respectable men of honor.

      • Uncle Gaga (Bruce Wayne)

        …..only his thinly veiled camouflage is of the ethnicity he alludes. His spinelessness suggests otherwise.

      • Omooba Adekunle Orafidiya

        Go and learn to write in English. “bereaved is not the same as bereft.


      Midget? Ha!ha!ha! Bloody illiterate that just writes rubbish without finding the meaning! El-rufai can never be called midget, cos he’s not a dwarf. Go find out the meaning from the dictionary-olodo! And what does ur own comment say about you? Worthless agbero!!

  • Proud Yoruba

    Good luck getting legislation passed through saraki’s senate to disband NNPC. You can’t even charge one person with corruption, all we hear is money not remitted, no one to account!

    • Dan maikoko

      Forget about Saraki, Yerima or the multitude of corrupt legislators that mill around our legislative chambers. If you doubt me ask Sule Lamido of Jigawa state.
      Buhari and those that support him have prepared fully for the rescue of Nigeria at all costs.

      • jikangidado

        May God help him. ameen


    Oyellii langer throat ! El Rufai should concentrate on bringing back the groundnut pyramids and other minerals in his state, This oil is just the reason why the northern politicians are so desperate and lazy and ready to marginalise. I hope the price of oil falls to $5/barrel so that the fixation on that caused mineral will end.

    • Hassan Owolabi

      Tawanda alias Phil Smart, you’re so obsessed with any news of El-rufai, It shows that u can never be like him till you die. Continue writing rubbish under ficitious names and be deceiving urself that ur real name is anonymous! Ha!ha!ha! All ur comments under different aliases have given u away.

      • Musanga

        Which rubbish, is Tawanda saying that is not truthful. What happens to the groundnut pyramids, cocoa and palm oil. Why are you so blind like this. why not address the issue that he is highlighting. Why are we all comfortable with this petro-state? And if the Niger-Deltans will start blowing up oil pipeline now, you will call them militant. But I am so sure that Nigeria state cannot try this with any other ethnic group.


        Crude threats like that are out-dated,I have already written my will.

    • Kay

      I am not surprised about your response. You are incapable of objective reasoning that is untainted by ethnic bias. You will rather have an NNPC that remits half of what it earns irrespective of who pockets the other half than to listen to the voice of reason in as much as the voice is not form the SS/SE. The fact is that no matter how much you lay claim to the ND oil wells as of today the resource is considered a national resource and you are better off with a more efficient, competitive and transparent National oil company. Today the Saudi Aramcos, the Petrobras, the Petronas of this world are developing and producing a sizable proportion of their country’s oil field. How many barrels does NPDC have in its portfolio. Even monies that are remitted in oil sales, royalties and taxes by other operators cannot be properly accounted. We will rather sit by the sideline, let others do the dirty jobs and wait to line our pockets with the proceeds of hard work.


        I see things differently,the oil should belong to those who own it. I am an advocate of fiscal federalism as enshrined in our first constitution which led to independence.

  • sammyctu ode

    NNPC is more corrupt and rutelless than the Mexican drug warlords. PMB, we al know the level of corruption at the most corrupt government agency in the world however, what we want to see now are; (1) RECOVERY OF ALL THE STOLEN TRILLIONS, (2) ALL INDICTED PEOPLE JAILED FOR LIFE AND (3) SACKING OF OVER 75% OF NNPC WORKFORCE WHO ARE DOING NOTHING.

  • Mc Davalo

    At the same time, we must ask what Kaduna State and other non-oil producing states are contributing to the national income…infact, remove oil income for a month and most states cannot pay their workers. This is not a fair way to use the Niger Delta resources. This issue needs to be equally addressed fair and square. After all, the Northerners are usually in charge of these corrupt agencies.

    • Dan Arewa

      After all, the Northerners are usually in charge of these corrupt agencies…….. NNPC’s. You are a big joker

      • jikangidado

        As well as big lier

      • Rumournaire

        The fact is that corruption has no tribe. Corrupt public figures have been identified across the entire country and across tribes. When we regionalise corruption, we trivialise it and we lose focus. Deal with the cankerworm as it is, not on regional or tribal basis.

  • Goddie


    You are part of the problem with Nigeria, not just NNPC. You are nepotist.

    You yourself picked up 5 billion Naira just for the asking from Sanusi Lamido.

    That is daylight robbery of a country, but you say nothing of your own example.

    You and that your Central Bank collaborator are living icons of heinous corruption.

    Your collaborator still has 650 billion Naira to account for at Nigeria’s Central Bank.

  • Yahaya Umar

    we need solutions to our economic downfall via diversifying effort

  • Abdullah Musa

    Are Northerners from Mars?
    Why is it impossible for you to liberate yourself from tribal myopia?
    Unless a Nigerian is re – defined to be a Southerner, and Igbo only, you may have to learn to accept seeing the Hausa man playing out his role as a citizen.
    You truly deserve to be pitied.

  • elrufai is a thief

    The attention of Mallam Nasir El-Rufai has been drawn to statements from Generals Muhammadu Buhari and Ibrahim Babangida purporting to be responses to the advice he gave both men to retire.

    Since Babangida libelled whole generations of Nigerian youth as being unfit for leadership, age has become an issue in the coming elections. While it is true that neither youth nor age supplies wisdom on their own, it makes sense to ask those who have been recurring decimals in our country’s sorry history to leave the stage. That is all El-Rufai asked of these men who seem to think that their failure to do their best for Nigeria when they had the chance qualifies them for a return to office. Our people surely deserve better.

    El-Rufai is amazed that General Buhari cannot debate this matter without scurrying to the gutter, making claims that are baseless and unsupported by any facts. Mallam El-Rufai’s tenure as FCT minister was a period of stellar performance in remaking our federal capital. Despite the difficult decisions that had to be taken to restore Abuja, Mallam El-Rufai continues to receive deserved praise and recognition for his achievements in restoring the Abuja master plan, introducing Nigeria’s first computerised land registry and helping thousands of Nigerians achieve their dreams of home ownership in the federal capital. Buhari is perhaps one of a tiny few blinded by their prejudice from recognising the quality of El Rufai’s service.

  • burning spear

    But the whistle blowing site, wiki leaks has punctured Elrufai’s claims to incorruptibility. In one of several cables mentioning Elrufai wiki leaks revealed how Elrufai then Director General of the BPE attempted to award a contract to a company in which he and his brother had substantial interests until he was stopped by the then vice President, Atiku Abubakar.

    By his own admission Malam El-Rufai was brought into government by Atiku Abubakar, as a protege, to head the BPE in 1999 yet within the first few years of the Obasanjo first term he had already began backstabbing Atiku to President Obasanjo and the American ambassador by claiming that he was pressured by Atiku Abubakar to award a major telecommunications contract to Ericsson rather than Motorola. When the U.S. Ambassador to whom Nasir El-rufai had told this tale met with the then Vice President, Atiku Abubakar, as well as Stephen Orasanye, the Principal Secretary to President Obasanjo, both men revealed that the contract was not awarded to Motorola not because of underhand dealings as alleged by El-rufai but because El-rufai had been suspected of manipulating the process to favor Motorola after Ericsson wrote a petition to the government alleging that El-Rufai suppressed the information that his elder brother allegedly owned 10% shares in Motorola and that he himself (El-rufai) once worked for Motorola. Upon investigation by the U.S. embassy directly with Motorola, it was established that it was true that El-Rufai had worked for Motorola only two years before he took on the BPE job and that indeed his elder brother was a distributor for Motorola. But even while he was telling the President and the Americans that Atiku was manipulating the NITEL contract award to suit Erricson, he was unaware that both the President and the Americans knew of his interests in Motorola. The details of the contract are contained in this wikikeaks cabl

  • burning spear

    On a television interview Programme ’60 minutes with Angela’ aired on MITV, controversial former minister of the FCT, Malam Nasir Elrufai, made the following boast “I challenge any one who has given me bribe to come out and say so”.

    First of, Elrufai has been accused under oath previously by a deputy director who worked under him at the Bureau of Public Enterprises, one Charles Osuji, of bribery. According to Osuji, he swore under oath that he had collected bribes from Chief Mike Adenuga on behalf of Malam Elrufai to devalue National Oil before it was sold to him. But Elrufai denied these allegations and said that he fired Osuji for collecting bribes although when he was asked by the Senate Committee if he had issued any written query of if there was any documentary evidence to back that claim up he responded in the negative.

    Malam Elrufai who is known to be very litigious and troublesome has never sued Charles Osuji for libel based on Osuji’s claims that he collected bribes for him.

    Also, the then Political Counsel of the U.S. embassy in Abuja had personally named ElrufHamas one of the government officials who were personally known to him to be despite fore being in government but who had becoming fabulously wealthy after leaving office. The Political Counsels testimony appears at the bottom of this write up. Elrufai denied the accusation but never sued the Political Counsel who is personally known to him.

    Malam Elrufai after condemning the present administration as a corrupt government which is responsible for much of the problems in Nigeria then went on to portray himself as a squeaky clean saint. There have been media reports that Elrufai who is nursing a Presidential election hopes to succeed Muhammadu Buhari as the presidential candidate of the Congress for Progressive Change.

    • Rumournaire

      I do not hold brief for El-Rufai. However, I submit that not everyone runs to the courts to sue those that lie against them. It is El-Rufai’s prerogative whether or not he would sue for libel. The fact that he did not sue for libel does not mean he admitted guilt. Actually, you can have a situation where your detractors deliberately falsely accuse you of all sorts of things just to get you running around defending yourself, spending your money, be distracted from your objective.

      I find your suggestion that El-Rufai wants to succeed Buhari as presidential candidate for APC really ludicrous. So, you really believe that APC would field another Hausa/Fulani candidate to succeed Buhari? Is that an intelligent projection?

  • burning spear

    time for the Fulanis to leave the oil sector alone–we have had enough of their destructive ideas—over 99.9 percent of the oil wells are owned by the Fulani–let el rufai tell us how much oil blocks were allocated to Ijaws—at least let him list the oil wells owned by the Fulanis for every Nigerian to see

  • share Idea

    When GEJ submitted PIB to NASS for restructuring of NNPC, people closed their eyes to the wonderful move because of hatred for a patriotic president and continue to accuse him of diverting funds from NNPC.

    Now Buhari is power, EL-Rufai and his likes are now seeing a better picture of NNPc and he wants to shout so that when the masses will start criticising Buhari for failing to reform NNPC, it will be on record that he was among those that wanted NNPC to be reformed but the leader of the party did not take his advise. We were entertained with allegation of missing 4ook barrels of crude everyday under GEJ and now Buhari is at the saddle, can we confirm that no barrel is still missing as no pronouncement has come from government on how to tackle the allegation against the GEJ government – except if the silence means that Buhari is now enjoying the funds from supposed missing 400k barrels of crude. Nigeria we hail thee

    • Akiika

      Which PIB? a bill that was photocopied from what Rilwan Lukmon presented years ago? Una go just dey yearn!

      • share Idea

        Can you ask your clueless leader to photocopy it again and send to NASS. The cardinal point of my earlier comment was that a reform that is rooted in law is needed in NNPC for the reform to be sustainable.

  • Okey

    El Rufai must make public his assets declaration. We want to benchmark it with what he had as the day Atiku facilitated his being appointed the BPE Director-General. This is in order to enable us know those who are already killing Nigeria.

    • Akiika

      You haven’t commented on the issue he raised….you simply attacked him based on unsubstantiated rumor.. Na wah for una o!

      • Mai Colonel Mariama(rtd)

        I am afraid to inform you that his comment is in order and quite relevant. He hinted about the possibility of using one’s position to enrich one’s self. Corruption by just another name is what he is talking about.I suggest you retract your comment is baseless distraction from the issue at hand.

      • Okey

        Which issue ? Are we not talking about probity in governance ? He who demands it must be bare with his clean hands. We must rule out the case of pot calling kettle “black.” This should not be the era of “Follow my talk.” It must be an era of “Follow my walk.”

        For El Rufai to be allowed to cast the first stone against other Nigerians, he must tell us how much he is worth now, so that we benchmark it with what he had before entering govt. Any person that is offended by this simple demand is a pretender to good governance, if not weak-minded.


    a thief who said he has assets worth over 90 billion when we all know prior to his appointment the man could not even clear his car a taxi he brought from London at the ports–that is Nigeria when then Fulanis steal they are granted bail via special arrangement -but when they are the Alams them are kept in the prison custody of the OBJs and ribadus-separation now—————-not another fulani rule

  • Bayo Ola

    Brilliant one Nasir. I align my views with yours. I’m totally with you on this.I’m not dissapointed with your take on the issues; this is simply quintessential Nasir

  • shadow

    I agree with el-rufai, may i also suggest all their staff be laid off from top to bottom and new ones recruited from teaming unemployed youths, creating a balance where no ethnicity is left out.

    • Rumournaire

      If you lay off everyone from top to bottom, how would the “teaming unemployed youths” who have no clue about how the industry, run it?

      • Das Colonel Mariama(rtd)

        The correct word that you guys are looking for is teeming not teAming.This would be the proper word to use in this context. What do I know anyway?

        • Rumournaire

          You are right. I only quoted the previous writer – I should have indicated a “(sic)” after the quote. By the way, I am amazed at the terrible English in these online fora.

          • Das Colonel Mariama(rtd)

            Actually I should have directed my comment to @shadow in the first place.I can clearly see that you responded in quotes and there absolutely nothing wrong with that.I assure you that I simply inadvertently replied to you instead of @shadow. I stand corrected for the error.


    What need to be done is to return the oil revenue to the rightful owners. You need some serious federal restructuring to reflect each region’s
    ( states?) contribution to the federal coffers. As it is at the moment most regions contribute diddly squat to the federal coffers but receive the lion’s share on the basis of falsified population figures. If each region is mandated to contribute their share to the federal coffers then this overwhelming fixation on other people’s revenue /resources will become a thing of the past. For example, if the Northern region and the Western region were to take some measure of responsibility for their regions while at the same time contributing their share of federal revenue dependence on oil revenue from the SE and SS will be a thing of the past. The name Nigeria should never be equated with one main revenue source-oil.Anyway I am currently listening to Radio Biafra where Nnamdi Kanu is speaking right this moment. I want to spend my time doing something worthwhile than hanging around this decrepit website where kids spew a lot of puerile nonsense to no end. I AM COLONEL MARIAMA(RTD).

    • Good Samaritan

      I am not disillusioned about how people like you post comments! If you only knew how the the investments made to explore the oil and meet cash calls were sourced from, you probably will not have commented the way you did. Please ask your parents if they are alive…

      Anyway, for posterity sake, let me educate you a bit on the history of this oil you call your own.

      When Shell/D’Arcy, made the first discovery in the 50’s, they did not deem the exploratory works was worth their while at the time, because the price of oil was low and the technology available was limited. Although, the Oloibiri field was producing about 5Kbbls per day, the Government did not have any investment in the production at the time.

      It was sometime in 1970’s that the FGN, sold all the available produces / resources (cocoa, cotton, groundnuts, tin, coal, palm oil, maize, wheat, etc) belonging to the 3 regions (North, West & East) through the marketing boards before an investment was made in the oil sector.

      Mind you, it was this single act that gave FGN ownership of the oil you are now claiming and nothing else. However, the FGN had title to the land where the oil was being produced, under the “land use act” but did not have title to the oil, as per the UN convention on property rights and the received English law, which guided our mineral act. Thus, was only eligible to earn royalty.

      The reason given above, is why today the federation shares the oil wealth among all Nigerian states and not only gives it to the oil producing states as you are clamouring.

      In all honesty, none of the oil producing states that exist today even had anything tangible to contribute towards acquiring the shares of Shell/BP (After BP partnered), aside Ondo and Cross River. Therefore, for you to now ignorantly call the oil yours, without any atom of respect to those who made a chunk of the investment to acquire the oil, only shows a complete disregard for justice and equity.

      Finally, I dare you and your lot to provide proof of what your region contributed to acquiring shares in the production of oil in Nigeria. The records are still available at the Shell Centre in London and it is free for all to see..

  • chudi Okonkwo

    What El Rufai fail to realise is that if you shut down the NNPC and replace it with another corporation, it won’t be long before the virus called corruption will infect and permeate the new Cororation. Is it not the same Nigerians that will man the new Corpation? .What we need to do with all sincerity of purpose is to grab that bull called corruption by the horn and wrestle it to death. Killing the mobster called corruption does not entail shutting down NNPC. I have not seen any serious determination or effort in both the previous and present govts including the Police , EFCC and ICPC in prosecuting an all out fight against corruption. For the most part lip service and a fibble fight is all we see. Presently the fight on corruption is being politicized. While some are docked , some are shielded from prosecution based on political or tribal affiliation while some receive a only slap on the wrist.

  • AboubakarAlahmad

    Nigeria must not say,it has not successfully jail anyone on fraud in the NNPC.Nigeria’s laws are not deformed but there is something somewhere.Tafidan Dogon Daji.

    • Mutum Soja Colonel M(rtd)

      If Nigerian’s laws are not “deformed” then the issue of the Gulf oil windfall would have been resolved by now. Think about is:$12 BILLION DOLLARS BACK THEN.

  • Good Samaritan

    Nasr, even though you hit the nail on the head like you always do, I am of the opinion that this terrible state of NNPC’s mismanagement of finances did not start today.

    It exited during when you were a member of the Economic team but you did not see it them because you were inside perhaps. Besides, how was Obj’s 3rd term going to be funded and how did you think Atiku Abubakar pay Senator Mantu and Zwingina the N50m, they requested for on behalf of the senate before agreeing to confirm your FCT ministerial appointment? This was reported by you in the book titled “Accidental Civil Servant” and not something I made up.

    My brother, with all due respect, leakages have been the reason why someone like you, who only had one (1) house of his own before 1999 (as per your declaration to CCB), now owns houses and lands in Abuja and Lagos without a balance sheet or source of income to support how the funds were made. I agree with the fact that you do not have N90bn and 40 mansions as erroneously reported by a tabloid, but you leave in a house in Maitama and another one in Ikoyi, which invariably have an open market value of nothing less than N300m each. Please show me the manufacturing plant that produced N600m for you to use in buying a house, if not leakages through FGN?

    In my opinion, the NNPC should be overhauled and entrenched with processes that will enable it function as a true corporation, then thereafter privatise it (up to 90% divestment) to the Nigerian public (not a core investor), via flotation in the capital markets. This will bring about a true sense of ownership and accountability like what prevails in other public companies.

    Shareholders will then be free to appraise board members before appointing them during AGMs.

  • ilesanmi

    Just because every Nigerian has identified our number one problem to be CORRUPTION, we are always quick at supporting any view against corruption. El-rufai’s call for scrapping of the NNPC on the ground of remitting only 58% of its revenue to the Federation is not well thought out. El-Rufai having been in the system for so long should have suggested what the ideal NNPC net remittance to the govt. Could El-Rufai tell us how many industries in Nigeria do enjoy 58% Return on turnover?
    Honestly, El – Rufai should have cleared the air on his alleged declared assets of N90bn Plus 40 mansions in Abuja before making a public attack on corruption.