Nasarawa State Governor Abdullahi Sule has reignited debate over the ownership and management of Nigeria’s oil giant, the Nigerian National Petroleum Company Limited (NNPC Ltd.), arguing that the company could be better run if its operations were handed over to major international oil companies.
Sule made the argument during an appearance on Seun Okinbaloye’s MIC ON Podcast monitored by The News Chronicle, where he discussed the Federal Government’s petroleum-sector reforms, fuel subsidy, Dangote Refinery and other economic issues.
Drawing from his experience in the oil and gas industry, the governor questioned the rationale for government maintaining such a dominant role in the petroleum business and suggested that established international operators such as Shell and Mobil could bring greater efficiency and expertise to the sector.
His position places him in a debate that has featured prominently in Nigeria’s petroleum-policy discussions for years: whether the government should continue to own and operate a major oil company or transfer greater control to private investors and established industry operators.
Sule’s comments also revive an argument previously made by former Vice-President Atiku Abubakar.
Recall that In January 2019, while addressing members of the business community in Lagos during his presidential campaign, Atiku declared that he was committed to privatising the Nigerian National Petroleum Corporation if elected president.
“I am committed to privatizing NNPC, I said it,” Atiku said at the time, according to Channels Television. He went as far as saying he would pursue the policy even if it put his life at risk.
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The former vice-president subsequently clarified his position after criticism of the proposal, saying the NNPC would be sold to Nigerians rather than to himself or his associates.
“NNPC will be sold to Nigerians, not my friends,” Atiku said in February 2019, insisting that the privatisation was intended to serve the country’s development.
Atiku’s position was not limited to the NNPC. In 2024, he again called for greater private-sector participation in Nigeria’s oil industry, arguing that NNPC should have privatised the country’s refineries before embarking on their rehabilitation.
He said his position had consistently been to break government monopolies in infrastructure sectors and give both foreign and domestic investors a larger role in funding and management.
Sule’s latest argument therefore brings an old policy question back into focus: should Nigeria retain government ownership of its national oil company, or should the country’s petroleum assets and operations increasingly be placed in the hands of private-sector operators?
The question is particularly significant under the post-2021 framework, following the transformation of the former Nigerian National Petroleum Corporation into NNPC Limited, a commercial entity under the Petroleum Industry Act.
The debate also comes as Nigeria seeks to attract fresh investment into its oil and gas industry. NNPC Ltd currently operates joint ventures and partnerships with major international oil companies, including Shell, ExxonMobil, Chevron and Eni.
While Atiku’s 2019 proposal centred on privatising NNPC and selling its ownership to Nigerians, Sule’s latest comments focus more broadly on whether experienced multinational oil companies could take over or play a much larger role in running the corporation.
The governor’s intervention is likely to further fuel discussion over the future of NNPC Ltd, the role of government in the petroleum industry and whether private-sector ownership and management could deliver greater efficiency, investment and accountability.
