Olusegun Obasanjo
Speaking on Monday at the opening of a two-day maritime
stakeholders’ conference hosted by the Ministry of Transportation and
its agencies in Lagos, former President Olusegun Obasanjo, said he
regrets not privatizing the Nigeria National Petroleum Corporation
(NNPC), while in office.
Speaking on NNPC, Obasanjo said, "I was instrumental to the
reform and establishment of the NNPC from the Nigerian National Oil
Corporation. Had I known that it would be mismanaged, I would have done
something better. I would have privatised it and put it on the stock
Exchange.
"The NLNG didn’t go the way of the NNPC because of the way it
was organised. Fifty-one per cent is owned by private investors, both
foreign and indigenous, while 49 per cent is owned by the government. In
fact, the NLNG has been making money ever since the initial capital
investment. From three trains, we are going to seven trains.
"NNPC is supposed to be doing well like Nigeria Liquefied
Natural Gas (NLNG). The involvement of the private sector will ensure
growth. The NLNG is making money for the government because of the
involvement of the private sector. A general once left this country with
two ships. He later came back with no accountability. That cannot
happen in the private sector," he said.
Obasanjo said while he was Head of State, he bought a total of 19
ships for the petroleum sector but sadly, none of them can be accounted
for now. According to him, one of the ships was sold off as scrab for
$500,000 and that the Federal government later bought the same ship for
$2million and was repaired for $1million, adding that he was informed
that the same ship was later seized for not being sea worthy.
"We were asked to pay $2million. I told them to keep the ship. It was later released (without any payment)," he said.
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