General News
₦210 Trillion Accounting Discrepancies: CNPP, CSOs Demand Independent Probe of NNPCL Under Mele Kyari
The Conference of Nigeria Political Parties (CNPP) and more than 75 civil society organisations (CSOs) under the Coalition of National Civil Society Organisations (CNCSOs) have called for an independent judicial inquiry into the financial dealings of the Nigerian National Petroleum Company Limited (NNPCL), citing alleged ₦210 trillion accounting discrepancies during the tenure of former Group Chief Executive Officer, Mele Kyari.
In a joint statement signed by the Deputy National Publicity Secretary of CNPP, Comrade James Ezema, and the National Secretary of CNCSOs, Alhaji Ali Abacha, the groups expressed concern that legislative probes in Nigeria have historically failed to produce meaningful accountability.
They argued that despite numerous investigative hearings by the National Assembly since the return to democratic rule in 1999, many corruption cases uncovered through such probes have not resulted in prosecutions or convictions.
The groups made the remarks in reaction to the ongoing Senate investigation into the alleged discrepancies in the books of the national oil company.
While welcoming the Senate’s decision to summon former officials of NNPCL to explain the figures, the organisations warned that Nigerians had seen similar investigations in the past that ended without tangible outcomes.
According to them, many legislative probes have often generated media attention and public outrage but rarely translated into judicial consequences for those found culpable.
The CNPP and its allied CSOs therefore urged that the current probe should not follow the same pattern.
They also recalled that their organisations had repeatedly raised concerns about the financial management of the national oil company, formerly known as the Nigerian National Petroleum Corporation (NNPC), particularly during the leadership of Mele Kyari and his management team.
Among the issues highlighted were alleged opaque accounting practices and questionable disclosures related to subsidy payments, crude oil transactions, and operational spending.
The groups also expressed concern over the large sums reportedly spent on the rehabilitation of Nigeria’s state-owned refineries, particularly the Port Harcourt Refinery, which they said had been repeatedly presented as undergoing revitalisation but failed to deliver sustainable refining capacity.
They further alleged that trillions of naira and substantial foreign currency were committed to refinery rehabilitation projects without meaningful results for Nigerians.
According to the organisations, despite the scale of the allegations, no public official has been successfully prosecuted or jailed over the projects.
The groups also criticised what they described as disparities in the operations of Nigeria’s anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
They argued that while the agencies have shown strong zeal in prosecuting some politically exposed persons, the same level of urgency appears lacking in cases involving powerful public officials.
The statement recalled that some members of the former NNPCL management, including Kyari, were reportedly invited and briefly detained by the EFCC following their removal from office, but said the public had yet to receive a detailed report of the investigation.
According to the groups, the silence surrounding the matter contrasts with the aggressive prosecutorial approach often taken in other politically sensitive cases.
The CNPP and CNCSOs therefore called on President Bola Ahmed Tinubu to establish an independent judicial commission of inquiry into the financial activities of NNPCL from 2015 to date.
They said the proposed inquiry should include a comprehensive forensic audit of the company’s finances, contracts, crude oil transactions, and subsidy claims within the period under review.
The groups also demanded a transparent investigation into funds allocated for the rehabilitation of Nigeria’s refineries, including the Port Harcourt Refinery and other federal facilities.
They further called for a detailed examination of the actions and decisions of the NNPCL management under Mele Kyari, including directors and senior officials who served during the period.
According to them, the findings of such an investigation should be made public and followed by the prosecution of any individuals found culpable.
The organisations maintained that allegations involving trillions of naira must not end without consequences, stressing that Nigerians deserve a transparent and credible investigation capable of restoring confidence in the management of the country’s petroleum resources.
They added that legislative hearings alone would not sufficiently address the concerns surrounding the operations of the national oil company without an independent judicial inquiry and a comprehensive forensic audit.
The Nigerian Senate on Wednesday approved the ministerial nomination of Professor Taiwo Oyedele by President Bola Ahmed Tinubu, urging him to prioritize economic reforms, strengthen local manufacturing, and enhance the ease of doing business nationwide.
During plenary discussions, senators evaluated Oyedele’s proposed policies and readiness to address critical fiscal challenges, including rising public debt and underperformance in capital budget implementation.
Jibrin Barau, Deputy Senate President, encouraged the nominee to leverage Nigeria’s mineral wealth while improving the efficiency of capital spending.
Lawmakers also emphasized the need for initiatives that bolster domestic industries, reduce reliance on imports, improve the business climate, and secure adequate funding for security agencies through first-line charges to ensure national stability.
Responding, Oyedele highlighted that Nigeria’s budget size remains small relative to its economic scale, stressing prudent and strategic utilization of public funds. He also addressed concerns over the recent Capital Gains Tax increase from 5% to 30%, noting stakeholder reservations compared to the global average of roughly 15%.
Senate President Godswill Akpabio conducted a voice vote that overwhelmingly confirmed Oyedele’s appointment.
The confirmation is expected to bolster the government’s fiscal and tax reform agenda, enhancing revenue mobilization, infrastructure development, and overall economic stability.
Some Nigerian citizens stranded in Iran have been safely escorted across the Armenian border by officials of the Nigerian Embassy as tensions continue to escalate in the Middle East.
The update was confirmed by the Director of Media at the Nigerians in Diaspora Commission (NIDCOM), Abdur-Rahman Balogun, who spoke on a statement issued by the Commission’s Chairman and Chief Executive Officer, Abike Dabiri-Erewa.
According to Dabiri-Erewa, none of the Nigerian citizens living in Iran have been harmed despite the ongoing crisis in the region. She added that Nigerian officials remain stationed at the border to assist any citizen who wishes to leave the country.
She assured that the Federal Government is closely monitoring the situation and has taken necessary steps to ensure the safety and evacuation of Nigerians who may be at risk.
“The Nigerian government is actively monitoring developments and ensuring that all citizens seeking safety are assisted promptly and securely,” the statement noted.
The evacuation effort reflects the continued commitment of the Nigerian government to safeguarding the welfare of its citizens abroad, especially those in conflict-prone regions.
Authorities are also working in coordination with diplomatic missions and relevant partners to ensure safe passage, proper documentation, and smooth transit for Nigerians leaving the country.
The development comes amid rising tensions across the Middle East, which has forced several countries to begin evacuation arrangements for their nationals in the region.
Iran has warned that global oil prices could surge to as high as $200 per barrel as tensions escalate in the Middle East and attacks on commercial vessels increase in the Gulf region.
Iran’s military command issued the warning on Wednesday, saying instability in the region could severely disrupt global energy supplies. A spokesperson for the command, Ebrahim Zolfaqari, said the world should prepare for a major spike in oil prices, blaming the situation on escalating military confrontations involving the United States and Israel.
The warning comes as several merchant ships were struck by projectiles in the Strait of Hormuz, a vital maritime corridor for global oil shipments. Reports indicate that at least three additional vessels were recently hit, bringing the number of affected ships in the region to more than a dozen since the conflict intensified.
The Strait of Hormuz is one of the world’s most critical oil transit routes, handling roughly 20% of global oil supply, and disruptions there have already led to sharp volatility in energy markets. Shipping traffic through the waterway has dropped dramatically as companies avoid the area due to safety concerns.
Iran has also warned that oil shipments destined for the United States, Israel, and their allies could be targeted, further heightening fears of a prolonged disruption to global energy supplies.
In response to the growing crisis, the International Energy Agency (IEA) has ordered the release of about 400 million barrels of emergency oil reserves from member countries in an attempt to stabilize global markets and prevent further price spikes.
The ongoing conflict between Iran, the United States, and Israel has intensified in recent weeks, with missile strikes, attacks on military bases, and disruptions to shipping routes raising concerns about wider economic consequences worldwide.