NLC Demands Transformation of NNPC to Limited Liability Entity

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.