Agbakoba Advocates NNPC Privatization and Revenue Reform

Dr. Olisa Agbakoba, a former president of the Nigerian Bar Association and senior partner at Olisa Agbakoba Legal, has called for the privatization of the Nigerian National Petroleum Company (NNPC) and a phased exit from joint venture and production sharing contract arrangements with international oil companies.

He praised President Bola Ahmed Tinubu for signing Executive Order 9 (EO9), which directs the direct remittance of oil and gas revenue to the federal account, describing it as a decisive step towards reclaiming Nigeria's fiscal sovereignty. Agbakoba emphasized that the Petroleum Industry Act (PIA) fails to adequately protect the federal government's revenue interests and that the EO9 could potentially unlock significant revenue increases.

He noted that the NNPC remains an amorphous entity with undefined roles and that Nigeria does not require a state oil company to engage in commercial operations. Agbakoba's remarks were made during a formal submission on behalf of the Olisa Agbakoba Legal Implementing Committee, chaired by Mr.

Adebayo Olawale Edun.