Posted 2/1/2024, 8:20:05 PM
Atiku: CBN Takeover of NNPCL Finances 'Illegal', Could Undermine Company Independence and Investments
- Atiku Abubakar says CBN takeover of NNPCL financial transactions is illegal and arbitrary, capable of undermining NNPCL's independence
- Claims presidential directive violates NNPCL's legal status under Petroleum Industry Act 2021, wrests control of finances from NNPCL
- Warns undermining NNPCL independence will hinder investments and global relevance in oil industry
- Says CBN Act does not give CBN responsibility for vetting or controlling state-owned enterprises' transactions
- Suggests NNPCL accounts can be traced by NEITI and CBN to enhance transparency, without direct financial control