Bayo Ojulari: A Strong Move
Egbon Bayo is the GCEO of the giant NNPC. Well, he has been reported to have announced that they were looking at selling 5% of the inefficient corporation to equity
Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC), has reportedly proposed the potential sale of 5% of the struggling corporation to equity investors. During his remarks, Ojulari also mentioned the corporation's plans to dual-list on stock exchanges, reflecting a possible shift in strategy.
Ojulari's comments come amidst a backdrop of criticism from the journalist, who had previously expressed concerns over the Board composition of a related entity, JP Morgan. The journalist had previously been accused of exaggerating or creating a scenario that did not exist. However, it appears that Ojulari's assertions may be gaining traction, as the NNPC appears to be positioning itself for potential FDI (Foreign Direct Investment).
The journalist emphasizes the importance of not settling for anything less than a full sale of the company. He argues that selling just 5% falls short of addressing the NNPC's inefficiencies and suggests that the government should take a step back, transferring authority to the Ministry of Petroleum. This way, the NNPC can be effectively run, generating revenue through licensing fees, taxes, and VAT, among other sources.
The journalist asserts that selling just 5% of the corporation is akin to treating a minor ailment with a remedy meant for a serious disease. He urges the NNPC to either proceed with the sale or refrain from any action, but stresses that the decision should not be taken lightly. He considers such a move as "playing 'boju boju' with our destiny," urging for decisive action.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
