As we congratulate Mr. President for the transmutation from Nigerian National Petroleum Corporation (NNPC) to NNPC Limited, I want to share a piece I wrote in 2017 where I made a case that we should even go beyond NNPC Limited to NNPC Plc. Certainly, Buhari’s regime will not do that because of time. Nonetheless, I expect NNPC to become a publicly traded company by 2030 in Nigeria. This was my conclusion in the 2017 piece:
‘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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