NLC Demands Transformation of NNPC to Limited Liability Entity

Onyebuchi Ezigbo

The Nigeria Labour Congress (NLC) has asked that the Nigerian National Petroleum Corporation (NNPC) should be transformed into a public liability company (PLC) where every Nigerian could own shares.

The NLC made this demand when it reacted to the passage of the Petroleum Industry Bill (PIB) by the two Chambers of the National Assembly and urged the National Assembly to handle with utmost care the sensitive issue of the unbundling of the NNPC.

A statement that was signed by the NLC’s President, Comrade Ayuba Wabba, canvassed that the NNPC should be transformed into a PLC where every Nigerian can own shares.

The NLC noted that the PIB was promoted by the government as an instrument for increased transparency, services delivery and global competitiveness in the Nigeria’s oil and gas sector.

“This desire to make the Nigerian people stakeholders in the commonwealth of the country appears to have fared quite well in the Senate’s consideration. This is commendable.

“Congress is, however, concerned that unlike the Senate representation of Clause 53, Clause 53 of the PIB as passed by the House of Representatives does not seem to sufficiently capture this desire of the Nigerian people,” he said.

The NLC stated that such flaw in the amendment is a major blight in the PIB.

“The NLC also understands that there are very serious concerns and agitations by oil bearing host communities on a number of issues. The most topical appears to be the percentage of revenue proposed in the PIB as accruing to oil producing communities. It is important that the conference committee of the National Assembly ensures equity in the harmonisation of the three per cent proposed by the Senate and five per cent by the House of Representatives especially in a manner that gives a sense of justice, fairness and inclusion to oil bearing and oil producing communities in the country. This is because these communities bear the impact of crude oil exploration and production,” it said.

The NLC also observed the non-inclusion of workers in the governing structures of the proposed commercial and regulatory institutions and organisations that would emerge from the unbundling of the NNPC