FG Directing Central Bank To Receive NNPCL Crude Sales Is Illegal – Atiku

Former Vice President Atiku Abubakar has come out to blast President Bola Tinubu’s directive to allow the Central Bank of Nigeria to control crude oil sales proceeds from the Nigerian National Petroleum Corporation Limited.

He recently had his say via a press statement, and Nigerians have been reacting.

According to him, the directive from the Presidency is nothing but illegal, and it clearly undermines the operational independence of the NNPCL.

He added that Central Bank has no right to vet the transactions of, or formulate and maintain the internal controls and internal audits in state-owned enterprises, public or private.

His words, “Let it also be stated that the Central Bank Act 2007 does not confer on the Central Bank of Nigeria, any responsibility for vetting the transactions of, or formulating and maintaining the internal controls and internal audits in state-owned enterprises, public or private.

The CBN should be allowed to perform its core functions as provided in the extant law.

Wiithout prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the Central Bank of Nigeria (CBN) take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL), it must be clearly stated that the action is not legal in its application.

It is an arbitrary order capable of undermining the operational independence of the NNPCL.”