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Atiku Demands Immediate Listing Of NNPCL On Stock Exchange
Atiku Abubakar, former vice-president, has asked the federal government to immediately list the Nigerian National Petroleum Corporation (NNPC) Limited on the stock exchange in line with the Petroleum Industry Act (PIA).
Atiku spoke in a statement on Sunday while reacting to the decision of the NNPC to hand over the Warri and Kaduna refineries to private operators who are expected to manage and operate them.
On August 30, NNPC announced that it is seeking to engage reputable and credible operations and maintenance (O&M) companies to operate and maintain the Warri Refining and Petrochemical Company (WRPC) and the Kaduna Refining and Petrochemical Company (KRPC).
Atiku, in the statement, said listing the oil company will ensure profitability and development in the country.
“The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance,” he said.
“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the federal government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development.”
Atiku said the oil company continues to provide a “cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy, raising questions about the independence that the PIA requires of the NNPC Limited as a private business concern”.
The politician also said previous arrangements and concessions had not worked because of a lack of transparency in the contract award processes as well as the failure of the government to attract investors.
‘INVOLVE BPE, TECHNICAL PARTNERS’
The former vice-president said for such a deal to succeed, “the Bureau of Public Enterprise (BPE) and a credible technical partner like Standard and Poor’s (S&P) must be part of the process”.
“Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries,” he added.
“This is because the NNPCL has, for years, been a cesspool of endemic corruption.
“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere.
“It is also curious that a government that is still paying petrol subsidy is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?
“The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria, led nowhere.
“Similarly, Global Steel Limited, which was handed the Ajaokuta Steel Company, was not able to make the facility profitable.
“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.”
Atiku advised the NNPC not to make the contract process opaque “like it did with OVH last year”.
He said the OVH deal was dubious and has failed to boost the company’s petrol sufficiency as evidenced by the months-long fuel scarcity.
“In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations,” Atiku added.
“Barely eight months later, OVH turned around to take over NNPCL Retail. This convoluted transaction was done to hide the corruption involved.”
Atiku said if the company chooses this approach in handing over its refineries to private hands, then “Nigerians should not expect any positive development whatsoever”.
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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