VENTURES AFRICA – Nigeria’s most closely guarded, and ironically scrutinised company, NNPC, may soon go up for public ownership. This will be made possible if the House of Representative’s plan to list 30 percent of the company on the Nigerian Stock Exchange receives the president’s blessings.
In a report by Nigerian newspaper, The Union, the Chief Whip of the House, Ishaka Mohammed Bawa who was speaking further on the recommendations proffered by the parliament, also emphasised that under Section 174 of the Petroleum Industry Bill (PIB), 49 percent of Nigerian Gas Company shares should be offered up to the public.
The PIB is expected to be passed before May 31, following the completion and approval of the law. Although there had been speculations that the postponement of the elections would delay the passage of the PIB, the House of Representatives eagerness to conclude on a key portion of the bill suggests that the deadline will be met.
The house also advised that the government should start supervising oil output by measuring outflow stations as opposed to waiting till just before exportation. This, it believes, will ensure the proper breakdown of production figures and help curtail corruption.