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Atiku Takes Issue With CBN’s Involvement In NNPC Crude Sales
Atiku Takes Issue With CBN’s Involvement In NNPC Crude Sales
Former Vice President Atiku Abubakar has raised concerns over President Bola Tinubu’s directive to empower the Central Bank of Nigeria (CBN) to oversee crude oil sales proceeds from the Nigerian National Petroleum Corporation Limited (NNPCL). Atiku argues that the CBN does not possess the exclusive responsibility to carry out such a directive……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Tinubu’s directive, issued on Monday, instructs the CBN to take charge of crude oil sales from the NNPCL. Consequently, the NNPCL will submit receipts for crude oil sales to the CBN for verification and documentation.
However, Atiku proposes that the central bank collaborates with the Nigeria Extractive Industry Transparency Initiative to ensure transparency and accountability in the process. In a statement released on Thursday and reported by PUNCH Online, the former Vice President, who held office for eight years from 1999-2007, deems the directive as “illegal” and believes it undermines the operational independence of the NNPCL.
Atiku points out that the Central Bank Act of 2007 does not grant the CBN the responsibility to vet transactions, or formulate and maintain internal controls and audits in state-owned enterprises, whether public or private. He emphasizes the need for the CBN to focus on its core functions as outlined in the existing law.
In January 2024, Atiku had previously called on Tinubu to explain the utilization of the NNPCL’s $3.3 billion emergency crude repayment loan obtained on August 16, 2023. The loan was intended to support the naira and stabilize the foreign exchange market.
Despite acknowledging the potential positive intentions behind the Federal Government’s decision to involve the CBN in crude oil sales proceeds, Atiku asserts that the action is legally questionable. He criticizes the lack of detailed information provided by the Tinubu-led administration and believes that the directive jeopardizes the NNPCL’s operational independence.
As a presidential aspirant for the Peoples Democratic Party in the 2023 general elections, Atiku expresses dissatisfaction with Tinubu’s decision to take control of the NNPCL’s finances and allocate them to the Federal Ministry of Finance and the Central Bank of Nigeria.
A former Secretary to the Government of the Federation and chieftain of the African Democratic Congress (ADC), Babachir Lawal, has insisted that the party will participate in the 2027 general elections regardless of the position of the Independent National Electoral Commission (INEC).....KINDLY READ THE FULL STORY HERE▶
The United Kingdom’s Foreign, Commonwealth and Development Office (FCDO) has defended the presence of its officials at the African Democratic Congress (ADC) national convention, describing it as part of normal diplomatic engagement.....KINDLY READ THE FULL STORY HERE▶
The National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, has said that Minister of the Federal Capital Territory, Nyesom Wike, is free to join the ruling party at any time he chooses.....KINDLY READ THE FULL STORY HERE▶
Yilwatda made the statement on Wednesday during a media chat in Abuja, stressing that membership of the APC is voluntary and not forced on anyone.
According to him, Wike remains at liberty to decide his political future, and there is no obligation for appointees to formally join the ruling party before serving in government.
“If he wants to join the APC, he is free. We don’t compel people to join; they do so willingly,” he said.
He added that cross-party appointments are not new in Nigeria’s political history, noting that past administrations also appointed members of opposition parties into key positions.
Yilwatda cited examples such as Bala Mohammed and Adamu Aliero, who served as ministers under PDP governments despite being affiliated with other parties at the time.
He questioned the criticism directed at President Bola Tinubu over Wike’s appointment, arguing that similar decisions were taken by previous administrations without controversy.
The APC chairman also pointed to other non-APC members serving in the current government, saying Wike should not be singled out.
He further stated that Wike obtained approval from the Peoples Democratic Party (PDP) before accepting the ministerial appointment in 2023.
Yilwatda maintained that President Tinubu has continued to demonstrate openness by appointing individuals across party lines based on competence.
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