Nigeria’s Oil Giant Embroiled in Corruption Scandal: Presidents and National Assembly Blamed
A shocking revelation by the World Bank has unearthed a massive corruption scandal involving the Nigerian National Petroleum Company Limited (NNPCL), with a whopping N500 billion in unremitted funds sparking fresh controversies. Transparency International Nigeria has squarely blamed President Bola Ahmed Tinubu and his predecessors, Muhammadu Buhari and Olusegun Obasanjo, for years of unaccounted remittances and fraud in the state-owned company.
According to the World Bank’s Nigeria Development Update report, NNPCL failed to remit crude revenue amounting to N500 billion to the Federation account for October 2024 and December 2024. This staggering deficit has raised eyebrows, with many calling for a thorough probe into the company’s finances. The Socio-Economic Rights and Accountability Project (SERAP) has joined the chorus, demanding a comprehensive investigation into the unremitted funds.
Auwal Rafsanjani, country director of Transparency International Nigeria, laid the blame squarely at the feet of Nigeria’s presidents and the National Assembly. "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," he said in an exclusive interview with Media Talk Africa. Rafsanjani also criticized the practice of Nigerian presidents appointing themselves as petroleum ministers, saying it has led to a lack of accountability and transparency in the sector.
Energy expert Ameh Madaki echoed Rafsanjani’s sentiments, stating that a comprehensive audit of NNPCL is long overdue. "The probe required in NNPCL under Mele Kyari goes far beyond the N500 billion referred to in the World Bank report," Madaki said. "The opaque nature of the operations of the NNPCL over the years and the selective amnesia of the Nigerian public ensure that massive fraud is covered up by the organisation."
The controversy has sparked mixed reactions, with some calling for the probe of former NNPCL Group Chief Executive Officer Mele Kyari, who was sacked by the Tinubu administration in April. However, Rafsanjani and Madaki agree that the problem goes beyond individual personalities and requires a systemic overhaul of the company’s finances and operations.
As the scandal continues to unfold, one thing is clear: the Nigerian people demand transparency and accountability from their leaders. The recovery of the missing funds and the implementation of reforms to prevent such incidents in the future are crucial steps towards restoring trust in the government and the oil sector. As Rafsanjani aptly put it, "The subsidy is not the problem, but the corruption in the process is. The missing money must be recovered and used for the good of all Nigerians."
