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NIGERIA’S NNPCL FACED WITH LAWSUIT OVER ALLEGED UNACCOUNTED N500 BILLION

The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company (NNPC) Limited to court over allegations that it failed to account for N500 billion in revenue. The lawsuit stems from a World Bank report that claimed the NNPCL remitted only N600 billion out of N1.1 trillion in revenue from crude sales and other income in 2024. SERAP is seeking a court order to compel the NNPCL to explain the whereabouts of the missing N500 billion and to investigate the spending of the said amount. The NNPCL had previously claimed that the Freedom of Information Act does not apply to it in response to SERAP’s request for information. However, SERAP argues that the company should be held accountable for its financial dealings. The organization is asking the court to direct the NNPCL to invite anti-corruption agencies to probe the alleged missing funds and to recover and remit the money to the Federation Account. The case highlights concerns over transparency and accountability in Nigeria’s oil industry.

PRESIDENT TINUBU CHARGES NNPC BOARD TO TURN ECONOMY AROUND

President Bola Tinubu has urged the newly inaugurated board of the Nigerian National Petroleum Company (NNPC) Limited to consolidate the gains of the ongoing economic reforms, which have attracted commendations for the resilience and competitiveness of the Nigerian economy. Special Adviser to the President, Bayo Onanuga, in a statement, said President Tinubu expressed his confidence in the board’s ability to deliver on its mandate. “I count on your experience to turn the economy around,” the President said. Bayo Onanuga noted that the President selected the board members painstakingly to ensure quality leadership. The President told the board that the volatility in the world’s economy will require looking inward for solutions, and Nigerians will depend on repositioning the NNPC Ltd. “Explore all options for a win-win situation for Nigeria,” Bayo Onanuga quoted the President as saying. Bayo Onanuga further stated that the President expressed pride in the board’s ability to succeed. Minister of State, Petroleum, Heineken Lokpobiri, thanked the President for assembling the team, saying, “I got calls from the whole of Africa, my colleagues in OPEC, saying that if this team does not deliver, Nigeria will have to import men from another planet to come and deliver the oil and gas sector in Nigeria.” The Chairman of the Board, Ahmadu Musa Kida, thanked the President for the opportunity to serve the country, promising to uphold the highest standard of leadership, courage, and integrity. The Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, said the team had already met with industry stakeholders to review operations and business relationships, adding that production had risen to 1.7 million barrels in two months from 1.5 million barrels, with a target of reaching 1.9 million barrels by year-end.

CORRUPTION ALLEGATIONS ROCK NNPCL AS TINUBU, BUHARI, OBASANJO IMPLICATED

Transparency International Nigeria has accused President Bola Tinubu and former presidents Muhammadu Buhari and Olusegun Obasanjo of complicity in years of financial misconduct and unaccounted remittances by the Nigerian National Petroleum Company Limited (NNPCL). The allegation follows a recent Nigeria Development Update (NDU) report by the World Bank, which disclosed that NNPCL failed to remit N500 billion to the Federation Account between October and December 2024. The report revealed that while the company generated N1.1 trillion in revenue from crude oil sales and other sources, only N600 billion was paid into the account. The Country Director of TI Nigeria, Auwal Rafsanjani, blamed successive presidents and the National Assembly for failing to ensure accountability in the operations of NNPCL. “The need to carry out a comprehensive audit of NNPCL is necessary to ascertain the level of financial transactions under Mele Kyari and other leadership of NNPCL,” Rafsanjani said. “If we want to have a comprehensive audit to know all the missing money lost from 1999 to date, it is only a thorough audit that will ascertain this.” Rafsanjani also criticized the practice of presidents appointing themselves as ministers of petroleum, saying it has contributed to the lack of accountability in the sector. “The president is responsible. Whether Buhari, Tinubu, or Obasanjo. That is why we have advocated for a substantive minister of petroleum.” The report has intensified calls from civil society organizations for a thorough probe of the state-owned oil company. Energy expert Barr. Ameh Madaki described the lack of transparency in NNPCL’s operations as longstanding and deeply entrenched, calling for a probe that goes beyond the N500 billion referred to in the World Bank report. The calls for accountability have grown louder following Tinubu’s decision to sack Kyari and other members of the NNPCL board amid concerns about their performance. The issue has further fueled public calls for an independent investigation into NNPCL’s finances and governance.

FORMER NNPCL CEO MELE KYARI RESPONDS TO EFCC RUMORS

Former Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive, Mele Kyari, has denied reports that he is in the custody of the Economic and Financial Crimes Commission (EFCC). In a statement, Kyari described the claims as “clear mischief and a calculated attempt” to achieve a desired outcome. Kyari said he is currently taking a well-deserved rest after the dissolution of the management and board of the NNPCL. “At present, I am taking a well-deserved rest after the dissolution of the management and board of the NNPCL, of which I was the Group Chief Executive,” he stated. The former NNPC boss emphasized that he is willing and happy to account for his stewardship, having served in public capacity for 34 years. “I served with the fear of God knowing fully well as a Muslim that if I do not account before man, I will account before Allah, and that I am better off accounting to the institutions of man,” Kyari said. He urged the media to be circumspect and avoid spreading unverified stories or matters that are subject to further validation by relevant organizations. “It is in this regard that I urge the media to be circumspect and avoid being stampeded into misleading the public on unverified stories or matters that are subject of further validation by relevant organizations,” Kyari stated. Kyari thanked his family and friends who have reached out to him and assured them that he is available to respond to all lawful queries. “I sincerely thank my family and friends who have reached out to me or tried to do so and assure them that I am available to respond to all lawful queries,” he concluded.

CNPP, CNCSOS DEMAND JUSTICE, ACCUSE SECURITY AGENCIES AND EFCC OF SHIELDING MELE KYARI

The Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations (CNCSOs) have accused security agencies and the Economic and Financial Crimes Commission (EFCC) of shielding former Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari, amid an expanding corruption scandal. In a joint statement, CNPP’s Deputy National Publicity Secretary, Comrade James Ezema, and CNCSOs’ National Secretary, Alhaji Ali Abacha, expressed outrage over reports that the EFCC arrested sacked managing directors of the Port Harcourt, Warri, and Kaduna refineries over alleged mismanagement of nearly $3 billion allocated for rehabilitation. “We have consistently raised alarms over the brazen corruption and mismanagement at NNPCL. Today, while the EFCC is busy arresting the small masquerades, the chief masquerade is still dancing freely in the market square without qualms. This is unacceptable, and Nigerians will not be fooled,” the statement declared. The groups noted that the EFCC probe has expanded to include Mele Kyari and 13 other former top NNPCL executives, covering allegations of abuse of office and misappropriation of funds. Those under investigation include Abubakar Yar’Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Jelili, Mustapha Sugungun, Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama. The CNPP and CNCSOs condemned the Port Harcourt Refinery rehabilitation as a monumental scam, having consumed over $897 million yet failed to produce petrol or sustain operations. “The Nigerian government and public were deceived into celebrating emptiness. Today, independent reports confirm no fuel trucks are lifting products from the facility, confirming our earlier warnings,” the statement noted. Mele Kyari recently stated, “I served with the fear of God knowing fully well as a Muslim that if I do not account before man, I will account before Allah.” Responding to this, the groups said, “If Engr. Kyari truly fears God and is ready to account, then he must return immediately to face the EFCC probe. Hiding abroad contradicts his public declaration.” The groups blamed security agencies for their failure to place Kyari on a watchlist or restrict his movement pending investigation, calling it a betrayal of public trust. “We demand answers from the security agencies that allowed Kyari’s exit despite the gravity of allegations against him, including allegations of diversion of proceeds from reportedly sold stolen crude oil in China under questionable circumstances,” the statement said. The CNPP and CNCSOs vowed to continue monitoring, exposing, and providing leads to anti-corruption agencies until all those responsible for looting and sabotaging Nigeria’s oil sector are held accountable. They urged President Bola Ahmed Tinubu to ensure that no member of the sacked NNPCL management is shielded from prosecution. “The fight against corruption must be total, impartial, and unrelenting. Nigerians demand justice. The world is watching,” they concluded.

NNPCL SHAKES UP MANAGEMENT, SACKS REFINERY BOSSES

The Nigerian National Petroleum Company Limited (NNPCL) has removed the managing directors of its three major refineries in Port Harcourt, Warri, and Kaduna as part of a sweeping overhaul initiated by its new management. Several other senior officials, including those with less than a year to retirement, have also been dismissed. A source said the changes aim to inject new energy and direction into the oil sector, stressing that the new appointees are technocrats rather than political figures. The shake-up comes after the removal of former NNPCL Group CEO Mele Kyari on April 2, 2025, by President Bola Tinubu, who cited underperformance and failure to meet production benchmarks as the key reasons for the leadership shake-up. Among the dismissed is Bala Wunti, ex-chief of the National Petroleum Investment Management Services. Meanwhile, Maryam Idrisu has been appointed Managing Director of NNPC Trading, the subsidiary responsible for crude transactions. The move is linked to the persistent poor performance of the refineries. A recent report highlighted that the $897.6 million Warri refinery revamp had failed, and the Port Harcourt refinery was functioning at under 40% capacity. The Warri facility reportedly shut down in January 2025 due to safety issues, just weeks after being declared operational. The new NNPCL board, headed by non-executive chairman Musa Ahmadu-Kida and Group CEO Bayo Ojulari, has been tasked with ambitious targets: stabilizing crude production at 2 million barrels per day by 2027 and reaching 3 million bpd by 2030, alongside producing 10 billion cubic meters of gas.

NNPC CEO OJULARI PLEDGES STRONG PARTNERSHIPS TO BOOST OIL AND GAS INDUSTRY

The newly appointed Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari, has reaffirmed his commitment to forging strong and effective partnerships with key stakeholders to boost the oil and gas industry. Ojulari made this pledge during a courtesy visit to the Honourable Minister of Petroleum Resources, Senator Heineken Lokpobiri. According to Ojulari, NNPC Ltd’s success will depend on close synergy with the Ministry of Petroleum, the Ministry of Finance, and other relevant institutions to break through bureaucratic barriers and accelerate results. “We are stepping into office with a deep resolve to boost the oil and gas industry,” Ojulari emphasized. Senator Lokpobiri expressed strong confidence in the new leadership of NNPC Ltd., noting that it is time to translate their reputation into measurable results. “It is time to translate that reputation into measurable results—especially in increasing crude oil production and ensuring the sector delivers optimal value to the Nigerian people,” the Minister said. As a seasoned engineer with expertise in petroleum, process, and production engineering, Ojulari brings a wealth of experience to his new role. Before joining NNPC Ltd, he served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company and led a consortium of local energy companies in a $2.4 billion Shell Petroleum Development Company of Nigeria acquisition deal. He was also the Managing Director of Shell Nigeria Exploration and Production Company from 2015 to 2021.

CNPP APPLAUDS NNPCL’S BOLD MOVE TO REVIVE NAIRA-FOR-CRUDE INITIATIVE, DEMANDS ACCOUNTABILITY AND INCENTIVES FOR LOCAL REFINERIES

The Conference of Nigeria Political Parties (CNPP) has expressed strong support for the new management team of the Nigerian National Petroleum Company Limited (NNPCL) following their decision to reinstate the naira-for-crude initiative for local refineries. The group described the move as a “bold and transformative step” toward revitalizing Nigeria’s oil sector and ensuring the availability of refined petroleum products for domestic consumption. “The naira-for-crude initiative is a groundbreaking policy designed to empower local refineries by providing them with direct access to crude oil in exchange for naira payments,” the CNPP stated in a release signed by Comrade James Ezema, Deputy National Publicity Secretary. This approach, according to the group, reduces dependency on foreign exchange, strengthens local refining capacity, creates jobs, boosts the economy, and ensures energy security for the nation. The CNPP emphasized that the initiative has the potential to lower the cost of petroleum products for Nigerians and stabilize the oil sector. “A lower pump price for Premium Motor Spirit (PMS), commonly known as petrol, will lead to a significant reduction in transportation costs for goods and services, ultimately lowering food prices and easing the financial burden on the masses.” However, the CNPP condemned the actions of the immediate past management of NNPCL, led by the sacked Engr. Mele Kyari, for allegedly sabotaging the presidential directive. “Reports indicate that instead of implementing the directive of President Bola Ahmed Tinubu, the past leadership attempted to renegotiate the initiative, thereby undermining Nigeria’s economic interests. Such actions are unacceptable and constitute a betrayal of public trust.” The group demanded a thorough investigation into the tenure of the immediate past Group Chief Executive Officer (GCEO) of NNPCL and called for the arrest and trial of all individuals involved in the attempt to renegotiate the naira-for-crude initiative. “We demand accountability to restore public confidence in the management of Nigeria’s oil resources.” To support local refineries, the CNPP proposed additional measures, including discounted crude oil prices as an incentive for a period of no less than two years. “This policy would enable stability in the oil refining business, encourage investment in the sector, and ensure the sustainability of the naira-for-crude initiative.” The group also recommended a commensurate export levy on locally refined petroleum products during the incentive period. “We stand firmly in support of the new NNPCL management in their efforts to implement reforms that will transform the oil sector, drive national development, and reduce poverty across the country,” the CNPP affirmed.

NNPCL EMBROILED IN N514 BILLION FRAUD SCANDAL

The Nigerian National Petroleum Company Limited (NNPCL) is facing intense scrutiny after a 2021 auditor-general’s report revealed a massive N514 billion fraud. The report, published in November 2024, exposed unauthorized deductions, misappropriation of funds, and diversion of revenue meant for the Federation. According to the auditor-general, NNPCL deducted N82.9 billion from federation revenue for refinery rehabilitation without proper authorization or approval. The report also highlighted irregular deductions from domestic crude sales, totaling N343.6 billion, to fund various costs, including NNPC value shortfall and pipeline maintenance. The NNPCL’s actions have been deemed a grave violation of the Nigerian Constitution and national anti-corruption laws. The Socio-Economic Rights and Accountability Project (SERAP) has called on NNPCL’s Group Chief Executive Officer, Mele Kyari, to identify those responsible for the disappeared oil money and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). “The grim allegations by the auditor-general suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s international obligations,” SERAP stated. The auditor-general’s report also revealed that NNPCL failed to provide details of a N3.7 billion transaction with the Pipeline and Product Marketing Company (PPMC). The NNPCL has been recommended to furnish reasons for the unauthorized deductions and recover the lost funds. This scandal comes on the heels of another alleged N3 trillion fuel importation fraud involving NNPCL and its business partners, which has raised concerns about the company’s accountability and transparency.

TOMPOLO HAILED TINUBU FOR APPOINTING OJULARI, OTHERS INTO NNPCL BOARD, MANAGEMENT

The Chairman of Tantita Security Services Limited (TSSNL), Chief Government Ekpemupolo, alias Tompolo, has commended President Bola Ahmed Tinubu for appointing seasoned professionals to the new Management and Board of the Nigerian National Petroleum Company Limited (NNPCL). The newly appointed team is led by Group Chief Executive Officer (GCEO) Engr. Bashir Bayo Ojulari and Chairman Ahmadu Musa Kida. Tompolo congratulated the 11-member Board and Management, acknowledging their appointment as a pivotal moment for both the NNPCL and the Nigerian oil and gas industry. He expressed confidence in their ability to lead the ongoing restructuring of the NNPCL to new heights. In a statement, Tompolo said, “I extend my heartfelt congratulations to the newly appointed 11-member Board and Management of the Nigerian National Petroleum Company Limited (NNPCL)… Tantita Security Services Nigeria Limited (TSSNL) recognises your appointment as a pivotal moment in the journey of the NNPCL and the Nigerian oil and gas industry.” Tompolo reaffirmed TSSNL’s commitment to partnering with the NNPCL to enhance Nigeria’s oil production capabilities. He urged the new Management and Board to remain focused, innovative, and diligent in fulfilling their responsibilities. “We express our profound gratitude to His Excellency, President Bola Ahmed Tinubu, GCFR, for his visionary leadership and commitment to excellence Indeed, this decision by Mr. President underscores his administration’s dedication to ensuring that only competent hands are entrusted with optimising the vast benefits of our nation’s oil and gas sector,” Tompolo added.