Renowned Senior Advocate of Nigeria and former Nigerian Bar Association President, Dr. Olisa Agbakoba, has voiced concerns over President Bola Tinubu’s decision to retain the position of Petroleum Minister, calling for a more structured approach to Nigeria’s economic and political challenges.
In an interview with PUNCH, Agbakoba expressed his thoughts on the current state of Nigeria, highlighting the urgent need for constitutional reforms, economic restructuring, and the decentralization of power.
Agbakoba emphasized the importance of creating a constitution that reflects the agreement of all Nigerian people, harking back to the historical context of Nigeria’s formation in 1914.
He noted that the political structure imposed by colonial powers has not evolved to include the diverse ethnic groups that make up the nation.
Agbakoba also discussed the country’s economic hurdles, particularly criticizing the government’s role in business, which he believes should be limited to policy-making and regulation, leaving the private sector to drive economic growth.
He raised concerns about the Nigerian National Petroleum Corporation Limited (NNPCL), questioning its dual role as both a regulator and a market player in the oil sector, and advocating for its transformation into a fully independent market participant similar to other oil companies.
Addressing the recent fuel price hikes and the public’s dissatisfaction, Agbakoba pointed out the lack of transparency and proper communication regarding policy decisions.
He argued that the Nigerian government must ensure clear distinctions between policy makers, regulators, and the private sector to avoid conflicts of interest that have plagued the nation’s petroleum industry.
Agbakoba further highlighted the significance of the Petroleum Industry Act (PIA), criticizing its ineffective implementation.
He asserted that for the PIA to have real impact, it must be fully operationalized, with the NNPCL acting as a true private entity rather than an extension of government influence.
Agbakoba also reiterated his call for President Tinubu to relinquish the petroleum portfolio, stressing that a president’s role should not extend into direct management of a sector that requires independent oversight.
“The President shouldn’t be involved in petroleum. It gives the wrong impression that President Tinubu is the Minister of Petroleum Resources. Why not the Minister of Health? It’s not only about President Tinubu. Why does the Nigerian president always hold the portfolio of petroleum? It is not necessary.”
“There is a critical problem in the petroleum industry. If you ask Nigerians if they want to be in Nigeria, they will all say ‘yes, but’. It is that ‘but’ that President Tinubu must resolve. Nobody wants Nigeria to fail. President Tinubu should relinquish the position of Minister of Petroleum. It doesn’t add to or strengthen his position.”
“As an energy lawyer, I see firsthand how international oil companies control our oil business and take away all the money. Why? Section 44 and Section 16 of the Constitution make us owners. Why are we giving away our ownership to foreign companies? Foreign companies don’t necessarily have our interests at heart.”
“The first thing to do is to reinstate Nigeria’s oil industry to ensure that Nigerians drive the industry. For instance, why should we make the drillers co-owners? All we need to do is ask how much they want for the extraction and pay them. But Nigeria makes the drilling companies co-owners in what they call a production-sharing contract or joint venture agreement. These are the two key agreements that drive the oil industry.”
“And the Total, Mobil of this world are owners of oil wells. These oil companies are draining us of resources. They are the ones sabotaging Aliko Dangote. They didn’t want his refinery to work. They influence and shape policies to prevent the government from supporting Dangote.”
“I’m glad that President Tinubu has finally realised this is in our interest. We must take back our country. We must allow foreigners in our economy because it is an interdependent world, but we must be clear about what we want to offer them.”
