The presidential candidate of Young Progressive Party (YPP) and former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has said that he is in support of partial privatization of the Nigerian National Petroleum Corporation (NNPC).
Moghalu during an interview on Channels Television programme, Business Morning said privatizing the NNPC will make it a more profitable organisation.
The political economist said he wonders why a presidential candidate will say that he will sell 90% of the NNPC and added that public organisations should not be a tool for political agenda
“The NNPC needs to be partially privatised between 41% to 51% whether private sector or government. This will turn the NNPC to a much more transparent organisation that is run consistently profitably.
“Today, the NNPC is just an impress account for the Nigerian politicians. This is because it is completely state-owned. One presidential candidate has said that he will sell 90% of the NNPC. I disagree with this. The question is, who are you going to sell 90% of the asset to?
“In privatising the NNPC partially, we should make sure that the oil producing communities have 10% ownership stake and we will sell those shares on Nigerian Stock Exchange in a carefully and transparently managed process.”
