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Thursday, June 25, 2015
The chairman of Seplat Petroleum, A.B.C. Orjiako, is calling on Nigeria’s new president Muhammadu Buhari to sell off NNPC’s stakes in JVs. Orjiako told Reuters that his company would be interested in buying some, especially gas assets.
The sale of NNPC’s stakes in JVs would allow for the government to focus on areas like tax collection, while strong private sector involvement in industry would help spur economic growth, Orjiako said
“Collecting tax and focusing on making sure that the industry grows, and when the industry grows it will create jobs … and do something for the government,” he said, speaking on the sidelines on an investment conference. “And the best way is not necessarily to hold massive working interests in the JVs,” he added.
Orjiako had other advice for the president, such as doing away with fuel subsidies and diversifying the economy.
“Subsidy removal should happen now,” he said. “The reality is that the subsidy is not trickling down effectively … What we expect government to do is take a bold step … demonstrate good governance, invest in infrastructure, justify the taxes.”
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