By Tina Amanda
A stakeholder in the oil and gas sector, Comrade Azubuike Azubuike, says if NNPCL goes public, it will open up lots of investment and opportunities in the oil and gas industry.
Azubuike, former Chairman of PENGASSAN Port Harcourt zone, said it would be best if they were part of the Nigeria stock exchange NSE and should be listed on the New York stock exchange for more transparency.
He explained that raising funds and investment issues is quite challenging, but if NNPC finally goes public, it will help raise capital to fund more projects and enhance production.
“Everyone knows the running of NNPC has been shrouded in secrecy for years, but if they go public, what it means is, we must see the books, and they will raise more money, and if they raise money, they would be able to invest and open up lots of opportunities in the industry.
“My opinion is NNPC should not go into only the Nigeria stock exchange; they should go into the New York stock exchange and let the transparency take place in the industry now that they are made to be a profit venture, not as usual.
“NNPC being part of Nigeria Security Exchange will benefit shareholders and investors. It will give access to untapped markets, enhance the company’s visibility, and make the company accessible to everyone.
“Listing the company will open to new domestic and foreign investors; the PIA has provided that avenue. This is the greatest thing we can see because it will lead to good governance, transparency, getting more money for investment.
“It will open up opportunities for more investment if you invest more in the oil and gas industry. It will be able to unlock some potentials that have been hidden all these while NNPC is going public.
He also urged the government to invest in green energy alongside fossil fuel, as green energy is yet to take over fossil fuel, while calling for more investment in Liquefied Petroleum Gas LPG.
“Again, we always talk about green energy; I can tell you categorically, this time, green energy can not take over fossil fuel energy. In Nigeria, we talk about coal and why they are still using coal in China and London.
“The type of energy the fossil fuel provides green energy alone can not provide such for now because there is a lot of investment going on there.
“For us in Nigerian where we have gas and gas is one of the most significant sources of energy where there is lots of infrastructural deficit begging for attention, the more we get money and invest in those infrastructures it will help make available money, especially in gas.
“Even the advanced country has not dropped the idea of fossil fuel energy, but they are still investing; Nigeria can equally invest, it will give us more opportunity to invest
“Gas is one energy source; if NNPC goes public, we can harness it; we have great potential in gas. If we go public, the possibility of manipulating prices may not be there in terms of being a member of the Organisation of the Petroleum Exporting Countries (OPEC). If we go public, we may not be an OPEC member too.
“This means that Nigeria will leave OPEC because investors will want to produce more oil to make more profits and not to be regulated with OPEC production quota. These are challenges to put in place before going to the public”.
