Business Mogul Calls for Overhauling of NNPC Ltd
Atedo Peterside CON , a Nigerian entrepreneur, investment banker, and economist. The founder of Stanbic IBTC Bank Plc, and ANAP Foundation. Have joined in the call for the overhauling of Nigeria state owned NNPC and the federal government management approach in the oil sector.
He was of the opinion that the problem with NNPC is systematically and institutionally corruption.
In his words he said “the government should get out of whatever is left. Leave it to the private sector. Nothing has changed for NNPC other than adding “L” for limited. They are still taking our money. They are still declaring profit we do not see the dividends.”
He also advised that the management of NNPC should stop wasting our money on CNN adverts in which they praise themselves decisively. That if they are doing well, their good works would speak for them.
Recently, according to NNPC Chief Executive, Mele Kyari, he has negotiated a contract deal that compelled local importers to permit payment delays of 90 days. The new contract is to operate along side the original “direct sale, direct purchase ” deal, under which NNPC is expected to provide crude before traders deliver the fuel. The new deal intend to involve a longer credit period.
So far, the companies involved in the new contracts includes Sahara, Oando, Mrs Oil and Duke Oil, all subsidiary of NNPC. renowned financial expert have join in the call for the overhaul of Nigeria state owned NNPC and the federal government management approach in the oil sector.
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