Why NNPCL Should Be Probed

Arewa group, under the auspices of Mega National Movement for Good Governance (MNMGG), has called on President Bola Ahmed Tinubu to probe the oil sector, particularly the activities of the Nigeria National Petroleum Company Limited (NNPCL), while lamenting that Nigeria is losing billions of Naira not remitted to the Federation account.

The group said that, despite the series of protest by individuals and groups in the country to government concerning the corruption and poor handling in the NNPCL and oil sector, no effort has been made by Government to remedy the situation.

The spokesman of MNMGG, Ibrahim Tijani said at the weekend, during a press conference that President Bola Ahmed Tinubu should immediately sack the present Management of the NNPCL, led by Mele Kolo Kyari, probe the company and restore confidence in the revenue accruing from Nigeria’s oil remittances to the federation account.

He said: “Therefore, we urge President Bola Ahmed Tinubu to take action and fire and probe Mele Kyari and present Management. This is crucial for the transparency, accountability, and development of the Nigerian petroleum industry.”

The Northern group alleged, “given the numerous allegations of financial improprieties and the lack of accountability within the NNPC under Kyari’s leadership, it is imperative that he be removed from his position”.

Tijani remarked that “the Federal Government must take immediate action to address these issues and ensure that those responsible for corruption and embezzlement are held accountable.

He said: “The Nigerian people deserve transparency, accountability, and a leadership that prioritizes the country’s economic stability and the well-being of its citizens.

“It is crucial to address these allegations, conduct a thorough investigation, and prosecute those responsible for corruption and fraudulent practices. Restoring transparency, accountability, and financial stability within the NNPC is essential for the well-being of the Nigerian economy and its citizens.”

He explained that “the Mega Movement, consisting of 19 youth groups, NGOs, and CSOs, is deeply concerned about the instability of the prices of petroleum products resulting from the somersault in policies.”

 “As a coalition of patriotic groups, we have identified allegations of significant irregularities within the NNPCL, including fuel subsidy scams, under-remittance of oil sales revenue, corruption, shady pipeline surveillance contracts, and oil theft. These issues have had a collective detrimental effect on the majority of Nigerians, while benefiting only a few greedy individuals, embezzlement, misappropriation of funds, and fraudulent accounting practices.

”These actions not only undermine the company’s financial stability but also have far-reaching consequences for stakeholders and the overall economy.”

Citing cases of revenues from oil production allegedly not remitted to the federation account, Tijani said, “among the numerous cases of financial impropriety, is the deduction of N2.1 trillion from the monthly revenue of NNPC, which was not remitted to the Federation Account.”

The activities of the leadership of the company, he added, “is believed to be responsible for the supply of adulterated or bad fuel that entered the country in 2022, causing damage to many vehicle engines and generators; these allegations of massive corruption and fraudulent diversion of billions of dollars to personal and cronies’ accounts must be thoroughly investigated, and those responsible should be prosecuted if found guilty.”

“Lack of Remittances to the Federation Account In 2022; and the NNPC management failed to remit any funds to the Federation Account for seven consecutive months. Despite Nigeria recording N16 trillion in oil sales during that year, the NNPC did not make any remittances.

“This lack of financial responsibility is unacceptable and raises serious questions about the management of the company’s revenues. The management must explain how these funds were spent and provide transparency regarding the companies that received subsidy payments. Restoring Transparency and Accountability is crucial to the nation.”