Atiku Goes to America; Atiku Pledges To Privatize NNPC

Atiku Goes to America; Atiku Pledges To Privatize NNPC

PDP Presidential election flagbearer, Atiku Abubakar, has made it into America and can now claim to have completed a critical requirement to become a Nigerian president! Yes, to rule Nigeria, you must have been qualified by visiting America to enjoy McDonald’s. Welcome Mr. Abubakar to America, may the force of decency, honor, value and service be with you.

Now to the main news: Atiku has promised to create NNPC Plc. Yes, Atiku would privatize NNPC, the nation’s oil corporation, if he has the opportunity to become the president of Nigeria: “I am committed to privatising NNPC…“Even if they are going to kill me, I’ll do it.”

The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, on Wednesday reiterated his plan to privatise the Nigerian National Petroleum Corporation (NNPC) if elected on February 16.

Mr Abubakar also promised to double the size of the Nigerian economy.

Reuters reported Wednesday that Mr Abubakar, a businessman who served as vice president to former president Olusegun Obasanjo between 1999 and 2007, said he would double the size of Nigeria’s economy to $900 billion by 2025.

The former vice president said this at a meeting with business leaders in Lagos.

“I am committed to privatising NNPC,” Mr Abubakar was quoted as saying. “Even if they are going to kill me, I’ll do it.”

That statement aligns with a 2017 article where I noted that Nigeria could raise about $350 billion for privatizing NNPC but warned that it would not happen! Yes, ” A listed NNPC will be massively (globally) oversubscribed and will drive huge capital accumulation in Nigeria. It will be a moment of glory. But yet, more money has never improved Nigeria. So “selling” NNPC to the market may not change anything in the long-term”.

NNPC is not Transcorp which killed the dreams of many investors when it tanked in the Nigerian Stock Exchange. Transcorp, unlike NNPC, did not have any asset when it started. It was a business people invested based on promises and expectations. But NNPC has one of the best assets in continental Africa. NNPC is Nigeria and it generates products which are exported around the world. It is a rainmaker, generating more than 80% of Nigeria’s foreign exchange. A listed NNPC will be massively (globally) oversubscribed and will drive huge capital accumulation in Nigeria. It will be a moment of glory. But yet, more money has never improved Nigeria. So “selling” NNPC to the market may not change anything in the long-term. That is the most unfortunate thing about Nigeria, and the reason why NNPC Staff, the Labour Union and students will say “HELL NO, DO NOT DO IT”.

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