Without prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the @cenbank (CBN) take over the responsibility for crude oil sales proceeds from the @nnpclimited (NNPCL), it must be clearly stated that the action is not legal in its application.

Although, as usual, of the current administration, little has been communicated to the public about explaining details of the decision.

According to what is publicly available, the President has issued a directive that henceforth, the NNPCL would submit receipts for crude oil sales to CBN for vetting and documentation.

Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL.

It is an arbitrary order capable of undermining the operational independence of the NNPCL.

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.

Only then would the new NNPCL grow into a formidable institution with track records, requisite technical and financial capacity, and readiness to operate in public space.

Any attempt to undermine the operational independence of the NNPCL will be a hindrance to any chances of attracting investments and attaining global relevance in the Petroleum Industry.

Let it also be stated that the Central Bank Act 2007 does not confer on the Central Bank of Nigeria, any responsibility for vetting the transactions of, or formulating and maintaining the internal controls and internal audits in state-owned enterprises, public or private.

The CBN should be allowed to perform its core functions as provided in the extant law.

To enhance transparency and accountability in the operation of the NNPCL, its bank accounts for crude sales proceeds (for example at Morgan Stanley) and the entire crude sales conversion circle can be trailed by Nigeria Extractive Industry Transparency Initiative (NEITI) and CBN.

Amongst other supportive measures to enhance transparency, the NNPCL board members can be better selected and reconstituted to include, if desired, representatives of the CBN and NEITI. -AA

Posted By Formeer Vice President Atiku Abubakar on X (Formerly called twitter)

Nlfpmod, this is interesting.......

We're not interested in the lecture.

Thieves it seems the Tinubu government has caught the thief with this directive

It is the same loop in the law that people are exploiting to loot the country.

The directive was legal, constitutional and in order. CBN is Govt's bank and repository of Govt revenues. CBN must scrutinize every penny of Govt revenues effectively. Over the years, money have been going into NNPC and nothing was coming out, billions of operational costs and zero operating profits yet Atiku wants it continued that way when the country has always demanded efficiency from NNPC. Atiku has never been known to posses any economic skills. He studied hygiene in school, he should be more concerned in putting his hygiene skills into a good use to clean up the mess he created in his party.

PressMyButton:
The directive was legal, constitutional and in order. CBN is Govt's bank and repository of Govt revenues. CBN must scrutinize every penny of Govt revenues effectively. Over the years, money have been going into NNPC and nothing was coming out, billions of operational costs and zero operating profits yet Atiku wants it continued that way when the country has always demanded efficiency from NNPC. Atiku has never been known to posses any economic skills. He studied hygiene in school, he should be more concerned in putting his hygiene skills into a good use to clean up the mess he created in his party.

Lmaoo. He’s a dullard as we can clearly see. If Nigeria was not a banana republic, criminals like Atiku who are full blown dullards will not be able to contest. Can you just imagine such comment from someone that want to be President of a real country. Well you are right, with his 6months hygiene certificate we would have smelled plenty body odor if he had won. Lol.

For the first time in a very long time we have someone who is showing willingness to open up the vagueness in the financial records of NNPC and this one is here saying nonsense. Abeg make Atiku shift jare.

seunmsg:
Atiku should please shut up and go back to giving it to Toni Frank from behind in Dubai.

You are not well brought up, you don't know more than insults......

Nigerians never suffer like this before, even Wasiu Ayinde is singing......

I have heard from Atiku, now I also want to hear from Siddiq if his opinion is more intelligent.

Atiku no pass WAEC, Na Siddiq pass.

In whatever we think, know that Atiku is never a good choice to Tinubu. Nigerians avoided a bomb by not choosing Atiku but received a bullet for not choosing Peter Obi.



Tinubu, a bad man with good intentions.

Omooba77:
Without prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the @cenbank (CBN) take over the responsibility for crude oil sales proceeds from the @nnpclimited (NNPCL), it must be clearly stated that the action is not legal in its application.

Although, as usual, of the current administration, little has been communicated to the public about explaining details of the decision.

According to what is publicly available, the President has issued a directive that henceforth, the NNPCL would submit receipts for crude oil sales to CBN for vetting and documentation.

Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL.

It is an arbitrary order capable of undermining the operational independence of the NNPCL.

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.

Only then would the new NNPCL grow into a formidable institution with track records, requisite technical and financial capacity, and readiness to operate in public space.

Any attempt to undermine the operational independence of the NNPCL will be a hindrance to any chances of attracting investments and attaining global relevance in the Petroleum Industry.

Let it also be stated that the Central Bank Act 2007 does not confer on the Central Bank of Nigeria, any responsibility for vetting the transactions of, or formulating and maintaining the internal controls and internal audits in state-owned enterprises, public or private.

The CBN should be allowed to perform its core functions as provided in the extant law.

To enhance transparency and accountability in the operation of the NNPCL, its bank accounts for crude sales proceeds (for example at Morgan Stanley) and the entire crude sales conversion circle can be trailed by Nigeria Extractive Industry Transparency Initiative (NEITI) and CBN.

Amongst other supportive measures to enhance transparency, the NNPCL board members can be better selected and reconstituted to include, if desired, representatives of the CBN and NEITI. -AA

https://twitter.com/atiku/status/1753106646388367833?

Is there any law in Nigeria again.

Atiku is just being a typical northerner here.

I like the way Tinubu has been showing the north pepper.

Shebi no want Igbo man?

Shebi they would rather have a goat rule Nigeria than have an Albert Einstein from Igbo?

Let them enjoy the meal they helped prepare.

They are all crying because Tinubu has started removing feeding bottle from their mouth.

I remember when Tinubu wanted to sack Mele Kyari and northern mafias warned Tinubu against it and he folded and allowed Mele Kyari to continue at NNPC.

Now, Tinubu has carried them handicap by directing CBN to sell crude oil instead of NNPC.

Now, being a NNPC chairman would be the most worthless position anyone can occupy.

Penguin2:
Atiku is just being a typical northerner here.

I like the way Tinubu has been showing the north pepper.

Shebi no want Igbo man?

Shebi they would rather have a goat rule Nigeria than have an Albert Einstein from Igbo?

Let them enjoy the meal they helped prepare.

They are all crying because Tinubu has started removing feeding bottle from their mouth.

I remember when Tinubu wanted to sack Mele Kyari and northern mafias warned Tinubu against it and he folded and allowed Mele Kyari to continue at NNPC.

Now, Tinubu has carried them handicap by directing CBN to sell crude oil instead of NNPC.

Now, being a NNPC chairman would be the most worthless position anyone can occupy.

Albert Einstein of Igboland that could not pay salary when he was Governor of a tiny village state. Shey you de whine us ni? Stop am.

2mch:

Albert Einstein of Igboland that could not pay salary when he was Governor of a tiny village state. Shey you de whine us ni? Stop am.

Who couldn't pay salary?
Anyone ever told you that Mr Obi left any outstanding payment for his successor?

PressMyButton:
The directive was legal, constitutional and in order. CBN is Govt's bank and repository of Govt revenues. CBN must scrutinize every penny of Govt revenues effectively. Over the years, money have been going into NNPC and nothing was coming out, billions of operational costs and zero operating profits yet Atiku wants it continued that way when the country has always demanded efficiency from NNPC. Atiku has never been known to posses any economic skills. He studied hygiene in school, he should be more concerned in putting his hygiene skills into a good use to clean up the mess he created in his party.

Atiku is the very epitome of corruption! He can never change.

What do you expect from a Fulani Jihadist? He sees NNPC as nothing but an entity of Northern Nigeria Petroleum Corporation.
The Northerners even claim that the corporation was built with forex realised from groundnut export.

Las las tinubu govt is favouring me and my family.

Omooba77:


Posted By Formeer Vice President Atiku Abubakar on X (Formerly called twitter)

Shut up! Idiot looser!

PressMyButton:
The directive was legal, constitutional and in order. CBN is Govt's bank and repository of Govt revenues. CBN must scrutinize every penny of Govt revenues effectively. Over the years, money have been going into NNPC and nothing was coming out, billions of operational costs and zero operating profits yet Atiku wants it continued that way when the country has always demanded efficiency from NNPC. Atiku has never been known to posses any economic skills. He studied hygiene in school, he should be more concerned in putting his hygiene skills into a good use to clean up the mess he created in his party.

Nicely put. 😉

Abeg make this one keep quiet for there...

Nonsense.

I'd rather stick with a Tinubu if this one was the only hope I had for a country to call mine.

Arrant....

Na your target be that gon gon

This one is just busy 'faulting' anything done by blablu-bulaba.

But he was dead silence when bubu was in power.

ivandrag0n:



Atiku is the very epitome of corruption! He can never change.

Atiku was Vice President of the country and is still not as rich as Tinubu who was a governor. Both of them are wealthy but Atiku can justify his wealth to some extent with viable business enterprises while Tinubu’s wealth remains largely unexplained. Atiku has never been caught with Bullion van in his house, indicted for drug dealing or credibly accused of certificate forgery. These are all things that happened to TINUBU.

Don’t ever call anyone epitome of corruption next to Tinubu because he is the father of corruption.

Omooba77:
Nigerians never suffer like this before, even Wasiu Ayinde is singing......

When have Nigerians not suffered? even when 75kobo to a dollar, Nigerians still suffered and cried. why being mischievous and callous because somebody is boldly attacking and dismantling the usual corrupt system? who is wasiu ayinde, a mere alagbe, super beneficiary of the same corrupt and irresponsible system.

You are right criminals like Atiku and Tinubu with many criminal records should not have contested not to talk of being a president, since Tinubu assumption in office naira has been on free fall ,how sure are we that he is not looting our forex ?

2mch:

Lmaoo. He’s a dullard as we can clearly see. If Nigeria was not a banana republic, criminals like Atiku who are full blown dullards will not be able to contest. Can you just imagine such comment from someone that want to be President of a real country. Well you are right, with his 6months hygiene certificate we would have smelled plenty body odor if he had won. Lol.

Omooba77:

You are not well brought up, you don't know more than insults......

You are also not well brought up. If you are, you won’t be supporting Atiku in his show of shame. NNPC has been selling crude oil for years without any accountability as to how the forex earnings are utilized and Atiku want that kind of nonsense to continue.

For once, we have a president who is trying to correct what have gone wrong for years but political elites who benefit from the corrupt arrangement will keep using folks like you to muddle up facts and confuse the rest of the ignorant population.

What the heck is wrong with CBN getting the records of crude earrings from NNPC? Is CBN no longer Federal government’s bank? Don’t you guys think before jumping on senseless political propaganda?

I’m saying it again, go and tell Atiku to shut the fvck up.

MentalCase98:


Atiku was Vice President of the country and is still not as rich as Tinubu who was a governor. Both of them are wealthy but Atiku can justify his wealth to some extent with viable business enterprises while Tinubu’s wealth remains largely unexplained. Atiku has never been caught with Bullion van in his house, indicted for drug dealing or credibly accused of certificate forgery. These are all things that happened to TINUBU.

Don’t ever call anyone epitome of corruption next to Tinubu because he is the father of corruption.

See kettle called pot black