The out going Managing Director of UnityKapital Assurance Plc, Alhaji Mohammed Kari has slammed the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries for allegedly complicating the problems of the oil sector.

Kari, also applauded the moves by the Governor, Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi for restoring the confidence in the banking industry saying, the moves had attacted investors to acquire the failed banks.

Addressing a press conference at the headquarters of the company in Abuja on Monday, Kari, who was the pioneer Managing Director of the insurance company and whose 34 years in the sector ended on Monday said, “Who is a government as far as oil business is concerned in Nigeria, government has transferred all its rights and powers to the NNPC and its subsidiaries.

“But today, I can tell you, NNPC is the biggest problems in making the oil sector succeed, the NNPC should have agree to channel all their business through the market and let the market use their experience to create capacity, the market can only retain what they can and what to go would go out through the market thereby giving a clout to the market in the International Insurance market.

“NNPC has however turned itself to be a competitor to insurance industry, it has its own company which is registered off shore outside Nigeria for which they take business directly to they offer to the market net retention on their net capacity.

“So, the market do not be involved in the renewal of oil policy and they will only be involved in any business that passes through them, thats when they will be able to use their experience, technical expertise and financial capacity.

“Until the government which has delegated all its powers to the NNPC and the Ministry of Petroleum directed them to deal with others through the Nigeria insurance industry, it will be difficult to enhance financial capacity,” he said.

On the transformation of the banks, the insurance expert said, “For any sector to be judged, it will be up to the manager of such sector, maybe there was no inbuilt potentials and confidence as the bank sectors.

“As bad as the rot discovered in the banking sector by the CBN Governor was, the banks taken over are now been contested by investors all because AMCON has been able to bring back some confidence.

“There are some companies in the country that its managemnet and directors have turned themselves to lords on the shareholders, who hardly knows the truth, they only meet only once a year when they organise the Annual general Meeting.

“At such meetings, the right questions are not asked, the figures are not looked into and until that is done which is what was done in the banking sector, it may be hard to identify the companies that is or are fallen,” he stated.