Former presidential aide, Mr. Reno Omokri, has stated that it is incorrect to hold President Bola Tinubu responsible for the business decisions made by the Nigerian National Petroleum Company Limited (NNPCL).
Omokri, who served as Special Assistant on New Media to former President Goodluck Jonathan, explained that although the federal government owns the national oil company, its board of directors is accountable for managing the company and making business decisions to ensure profitability.
In a statement, Omokri said, “Attacking President Bola Tinubu over the NNPCL’s statements and actions reflects a misunderstanding of corporate governance and government operations.”
He noted that President Tinubu has faced criticism due to recent increases in petrol prices by the NNPCL, which rose from N580/N617 to N850/N893 per litre. Many commentators and analysts have blamed the president, assuming that such decisions could not be made without his approval.
However, Omokri argued that the NNPCL, while state-owned, operates as a limited liability company and is not governed by the Appropriation Act or the Fiscal Responsibility Act like ministries, departments, and agencies. He emphasized that the company’s decisions regarding business survival should be attributed to its management rather than the president.