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Rewane queries Atiku’s plans to sell NNPC

By Babajide Komolafe
The Chief Executive Officer (CEO) of Financial Derivatives Company, Bismarck Rewane, has asked the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, to tell Nigerians who he wants to sell the Nigerian National Petroleum Corporation (NNPC) to and how he intends to go about it.

Former vice-President Atiku Abubakar speaks during the opposition People’s Democratic Party (PDP)’s national convention in Port Harcourt, Rivers State on October 6, 2018.

Mr Rewane’s question comes shortly after the Atiku reeled out his plans for the nation  and his intention to privatise the NNPC, as well as sell all four national refineries if he is elected to the office of the number one citizen of the country come 2019.

Rewane said:  “I agree that the NNPC should be privatised, but selling to who?”

“You must not just say you are going to sell, you must tell us how, and to who? he questioned.

The economist who was a guest on Channels TV Business Morning, cited the system of India  as an example which uses a voucher system to that of Nigeria, noting that rather than the system running as a government-owned, it will have to become privately-owned.

He explained that such systems are better run as Nigerian privately-owned than government owned, just as it is done in Saudi-Arabia.

“If you are going to have a voucher system as they have in India, where everybody in the public then you can sell it.

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“Tell us who and who, and how you are going to ensure that it is not sold to your own cronies.

“One of the big risks of privatisation is the Russian model, where you have chronic capitalism.

“If you have businessmen, who are in government like Donald Trump, you want to make sure that both the government and the people are protected from conflicts of interest.”

Mr Rewane called on the Atiku to guard against selling to “öur own cronies”, in the name of privatisation.

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