The Chairman of DAS Energy Services Limited, Delta State, Chief Sunny Onuesoke, has said the commercialisation of Nigerian National Petroleum Corporation (NNPC) will make no sense, when the four refineries in the country are not working.

Onuesoke, who spoke to newsmen against the backdrop of the recent unveiling of the new NNPC by President Muhammadu Buhari said his position was anchored on the fact that there were unresolved issue with the refineries.

There is nothing wrong in Nigeria having a national oil company, but to save the NNPC, it is important to keep the fundamentals in mind. NNPC’s transformation comes at a time when the world faces an energy crisis, and a cost-of-living dilemma.

The emergence of a new NNPC is a good idea, but it seems to me that the best that the Mele Kyari-team can do, for now, is to lay the foundation for a more far-reaching process.

It makes no sense that the country’s four refineries are grounded, or running at a loss. It is shameful that Nigeria cannot meet its OPEC quota.

How does a country with crude oil operate without functioning refineries such that it has to import refined oil?,

he stated.

The Peoples Democratic Party (PDP) Chieftain argued that,

for the new NNPC to succeed, it is expected to do things differently to attract investment, promote innovation, eliminate corruption and inefficiency, and ensure clarity.

He said the new NNPC Ltd must measure up like Saudi Arabia’s Aramco and Brazil’s Petrobras adding,

Its business model must work for the country’s benefit. The new NNPC must represent a transition in real terms into a new style and philosophy.

They have to make themselves functional, effective and efficient. It is no longer the NNPC of yester-years whereby you blow government money.

If they operate efficiently, it means Nigeria will gain, with the federal government still maintaining a substantial share in the company,

he maintained.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.