Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, has criticized the Federal Government’s directive for the Central Bank of Nigeria (CBN) to take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL), terming it illegal.

The directive, reportedly issued by President Bola Tinubu on Monday, requires the NNPC to submit receipts for crude oil sales to the CBN for vetting and documentation.

Atiku, in a statement on Thursday, argued that this move undermined the operational independence of the national oil company.

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Expressing concern about the lack of detailed information about the decision, Atiku stated, “Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL.”

Highlighting that the NNPCL operates under the Petroleum Industry Act 2021 (PIA), Atiku emphasized the need for the government to respect the law and allow the NNPCL to function as an independent entity with sound commercial objectives, adhering to international best practices and corporate governance principles.

Atiku warned that any attempt to compromise the operational independence of the NNPCL could impede investment opportunities and hinder the industry’s global relevance.

He also stressed that the Central Bank Act 2007 does not grant the CBN the authority to vet transactions or maintain internal controls in state-owned enterprises.

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To ensure transparency and accountability in the NNPCL’s operations, Atiku suggested that the Nigeria Extractive Industry Transparency Initiative (NEITI) and the CBN could monitor the company’s bank accounts and the entire crude sales conversion process.