The Nigeria Labour Congress has cautioned the National Assembly over the unbundling of the Nigeria National Petroleum Corporation.
It advised the lawmakers to transform the NNPC to a public liability company as part of the reforms of the oil and gas sector captured in the Petroleum Industry Bill.
The NLC President, Ayuba Wabba, who gave the advice in a statement commended the National Assembly for passing the Petroleum Industry Bill – Demands that the NNPC be Transformed into a Public Liability Company.’
He said:“’The Nigeria Labour Congress while taking in this moment of legislative jinx breaking, wishes to draw the attention of the National Assembly of the need to handle with utmost care the very sensitive issue of the unbundling of the Nigeria National Petroleum Corporation.”
According to him,Clause 53 of the bill mandated the Minister of Petroleum Resources at the incorporation of NNPC Limited, to consult with the Minister of Finance to determine the number and nominal value of the shares to be allotted, which would form the initial paid-up share capital of NNPC Ltd.
He added that the NLC as part of its input to the PIB during its appearance at the public hearing canvassed that the NNPC should be transformed into a public liability company where every Nigerian could own shares.
“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. This is a major blight in the PIB. It is not good enough.
“The Nigeria Labour Congress urges the National Assembly during its Conference to harmonise the two versions of the passed bill pursuant to the Senate’s representation of Clause 53 by effectively sanctioning the transformation of the Nigeria National Petroleum Corporation into a public liability company.
This would project the democratic appeal of the Petroleum Industry Bill as a legal instrument that caters for the masses of Nigeria. Poor and ordinary Nigerians who have endured the shorter end of the stick under the old petroleum law deserve better”
