The head of The Sacred Cherubim and Seraphim church, Solomon Alao, has proposed that the Nigerian National Petroleum Company Limited should be privatized to enhance its efficiency.
Alao made this recommendation in a statement released before the church’s Annual General Conference. He also suggested that NNPCL should be publicly listed on the stock exchange.
He recommended that the Federal Government could maintain a minority stake exceeding 5% to prevent direct control over the management.
Alao stated, “NNPC should undergo privatization and be listed on the stock exchange. Allowing the Federal Government to retain more than five percent ownership would prevent managerial control and opening up ownership to the public would lead to positive changes.”
“This move could potentially boost our foreign exchange revenue. Managing enterprises is not the forte of the government due to lack of suitable temperament,” he added.
The church leader also touched on the importance of diverse ethnic representation in governance, emphasizing that a single ethnic group dominating governance could be detrimental to national unity.