A coalition of civil society organisations (CSOs) under the umbrella of Situation Room on Transparency and Accountability has demanded the immediate constitution of a Special Commission of Inquiry to investigate all financial activities of the Nigerian National Petroleum Company Limited (NNPCL), during the tenure of the immediate past Group Chief Executive Officer, Mr. Mele Kyari over the past five years.
Newsmata.com.ng reports that the CSOs particularly called for a full-scale investigation into the $1.5 billion investment earmarked for the rehabilitation of the Port Harcourt refinery.
Speaking at a press conference in Abuja on Wednesday, Michael Omoba, convener of the coalition convener, alleged massive fiscal mismanagement, asserting that the refinery has remained non-functional despite the colossal expenditure.
Omoba stated that “Nigerians were made to believe that the funds allocated by the Muhammadu Buhari-led administration in 2021 were meant for the comprehensive rehabilitation of two refineries. But what happened? The entire fund was diverted and spent on only the Port Harcourt refinery”.
Querying why the original plan to rehabilitate two refineries was abandoned without explanation, which he described as a “national capture of our resources”, Omoba posited that “The said refinery turned out to be non-functional, failing to meet the least functional or industrial standard that was expected of such an investment. Indeed, such fiscal mismanagement would have been the subject of a rigorous criminal investigation involving every national and international party”.
The coalition decried the lack of transparency and accountability in the NNPCL’s dealings under Kyari’s leadership, arguing that such economic missteps have significantly hindered Nigeria’s development trajectory.
The CSOs noted that “The gross mismanagement of funds in the oil and gas sector over the past five years has stifled our economic and infrastructural development, impoverished citizens who have faithfully paid taxes, and sabotaged sustainability”.
They further warned that these actions had discouraged legitimate investment and encouraged speculative capital rather than stable foreign direct investment (FDI), describing the situation as an “elite syndicate conspiracy against the citizens.”
According to Omoba, “This NNPCL revelation is a betrayal of the Nigerian dream, and this economic haemorrhaging must stop. In addition to the many atrocious adventures of Kyari’s leadership, the suspension of the Naira-for-crude policy under his tenure was a monumental disservice and disability to our local economy”.
While calling for a forensic audit of the company’s transactions and the prosecution of all culpable individuals, the CSOs called on the National Assembly to conduct a legislative hearing to ensure that the newly appointed NNPCL board operates with the highest standards of transparency and accountability.