The Auditor General of the Federation of Nigeria of Nigeria has released a very damning and indicting report in respect of several financial infringements by the Nigerian National Petroleum Corporation Limited (NNPCL) running into Trillions of naira within four years 2017 to 2021.
And whereas, President Bola Tinubu, on his inaugural podium on 29th May 2023, unilaterally jettisoned fuel subsidy to create additional avenue for corporate robbery of the common patrimony within the NNPCL FOUR TOWERS OF CORRUPTION!
Excepts of the Auditor General’s voluminous report:
How NNPCL diverted N2.68tn, $9.77m, shunned probe invitations – Sunday Punch Report. 12th January 2025.

“Amid its controversial financial dealings that have negatively impacted the nation’s financial standing, the Nigerian National Petroleum Company Limited has been accused by the Auditor-General of the Federation of diverting a total sum of N2.68tn and $9.77m in the last four years.
“Findings by Sunday PUNCH using the Auditor-General’s annual reports published between 2017 and 2021 showed that N1.33tn was diverted in 2017, N681.02bn in 2019, N151.12bn, ($19.77m) in 2020 and N514bn in 2021 amounting to N2.68tn and $19.77m over four years.
“The reports, which were submitted to the National Assembly, indicated that there were violations of the Constitution of the Federal Republic of Nigeria and the 2009 Act of Financial Regulations.
Checks by PUNCH correspondents also revealed that the national oil firm, while disregarding good corporate governance practices, did not provide any response or justification for the infractions raised by the auditor general within the review period.
And while the Auditor General was busy probing NNPCL Accounts, the Corporation clandestinely released the following report of that it is a profitable venture!

NNPCL LATEST AUDITED REPORT:

NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3. 297trn at the close of the financial year that ended in December 2023, an increase of over N700bn (28%) compared to the 2022 profit, with a view to pre- emptying the Auditor General’s Report covering the period from 2017-2021!
In addition to all of the above, there was also a report by Nigeria Extractive Industries Transparency Initiative (NEITI), of Nigeria’s total dependence on imported petroleum products and that the Federal Government spent a whopping N15.8 trillion on fuel subsidy between 2006 and 2023, with NNPCL in the lead as major importer!

PRESIDENT TINUBU PLACED THE CART BEFORE THE HORSE!

[Tinubu protested in 2012 but can’t stand planned 2024 demonstration.]
2012 protest - Source:Nairaland.
Economy Post.
“CITIZEN Bola Tinubu joined the famous 2012 protest against President Goodluck Jonathan’s petrol subsidy removal, but he has invested energy in ensuring the imminent #EndBadGovernance demonstration does not come to fruition.
“On January 2, 2012, Mr Tinubu joined the Occupy Nigeria protest to force President Jonathan to rescind his decision to raise premium motor spirit (PMS) or petrol price from N87 to N145. Former Nigerian Labour Congress President, Mr Adams Oshiomole; former President Muhammadu Buhari; Nobel Laurette, Prof Wole Soyinka; former APC Chairman, Mr John Oyegun; former Kaduna State Governor, Nasir El-Rufai, among many others, were all part of the protest.
“During the demonstration, Mr. Tinubu had accused President Jonathan of breaking the social contract with the people, which he personally signed, noting that President Jonathan must not remove petrol subsidies.
“Government must modify the sudden and complete removal of the subsidy. Either we restore the subsidy or use the funds for other social purposes,” Mr Tinubu said on January 11, 2012, during the protest.
“If we are to use the funds for other programmes, these programmes shall be placed on parallel track with the subsidy. As more of these programmes are ready to go on line, then the subsidy can be lifted in phases. In this way, the public is assured government will not lower its total expenditure on their behalf, thus maintaining the spirit central to the social contract.”

CHANGE OF COURSE AFTER BEING PRESIDENT!

“Eleven years after these comments, Mr Tinubu became President of Nigeria, winning the controversial 2023 presidential election. However, he has done exactly what he accused former President Jonathan of, removing petrol subsidies that had kept fuel at less than N200 per litre.
“He had announced that “subsidy is gone” on the day of his inauguration on May 29, 2023. Despite that, he still pays PMS subsidies even as a litre of fuel has now exceeded N600.
“In 2012, Nigeria’s subsidy payment stood at N1.35 trillion, according to the defunct Petroleum Products Pricing Regulatory Agency (PPPRA). In 2023, under President Tinubu, the nation paid N3.6 trillion in petrol subsidies and will spend N5.4 trillion in 2024 despite denials by government officials. Yet PMS price is nearly N700 per litre at several filling stations.
“Even with high petrol prices, scarcity has not abated. As at the time of publishing this story, several petrol stations in Abuja, Lagos, Port Harcourt, Onitsha and Ibadan, among others, have no PMS.
“Black market operators sell a litre of petrol at N1200 to N1,500 across the country.

WORLD BANK’S ASSESSMENT OF NNPCL!

The NNPCL has been regarded by the World Bank (WB) and other international organisations as an opaque company due to the limited transparency in its financial dealings.
The World Bank, in its Nigeria Development Update, December 2023 edition, said NNPCL’s opaqueness extends to subsidy arrears that were still being deducted and the impact of subsidy removal on federation revenues.

FORMER CENTRAL GOVERNOR LAMIDO SANUSI INDICTMENT OF NNPCL!

Former governor of the Central Bank of Nigeria, Sanusi Lamido, from June 2009 to February 2014, first adjudged the NNPC as the “most opaque oil company in the world.”
The vocal economist slammed the NNPCL for allegedly failing to remit enough forex into government coffers.
He also knocked the national oil company for keeping its many joint ventures, oil-backed loans and other shared production arrangements away from Nigerians.
A breakdown showed that the oil firm was accused of 14 financial infractions ranging from unauthorized deductions worth N1.33tn from the Federation Account, discrepancies of N663bn transferred to the Federation Account, non-production of complete information on allocation of crude oil to refineries, non-adherence to payment of all revenue to the federation account, incomplete report of losses of crude oil amongst others.report noted.

CALCOL, CISLAC DEMAND SANCTIONS!

Commenting on the infractions, the Centre for Anti-Corruption and Open Leadership (CALCOL), described the NNPCL as a hub of institutional corruption, alleging that powerful interests within and outside the government had shielded the organisation from accountability.
CACOL’s Executive Director, Debo Adeniran, lamented that despite the enactment of the Petroleum Industry Act (PIA), aimed at decentralising and unbundling the NNPCL, the company’s operations remained opaque and rife with allegations of corruption.
According to Adeniran, the NNPCL has always been a source of liquid enrichment for government officials, even before it was converted into a limited liability company.
“The operations of the NNPCL have always been shrouded in secrecy. Even the Petroleum Industry Act has not helped. Despite all the noise about decentralisation and unbundling of the NNPCL, nothing has materialised.
“It is the strongest cabal in Nigeria. All the powerful elements in government and MDAs work in concert with those managing the NNPCL’s accounts, perhaps due to gratification.
“Even the anti-corruption agencies find it difficult to probe the NNPCL. A couple of attempts were made by the ICPC and EFCC in the past, but they have not been able to uncover anything. There must be something shielding the NNPCL from exposure for its corruption crimes,” Adeniran said.
He alleged that the cooperation operated as Nigeria’s most powerful cabal, with influential elements in government and various ministries, departments, and agencies allegedly collaborating with those managing the company’s accounts.
Similarly, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Musa Rafsanjani, criticised the NNPCL for its lack of accountability, attributing the failure to not only the corporation but also to President Bola Tinubu, the National Assembly, and security agencies.
Rafsanjani asserted that the president, as the leader of the nation, bore the primary responsibility for ensuring that the NNPCL operated transparently and remained accountable to Nigerians.

“It is within the call of the president, who is supposed to ensure that the NNPCL is accountable to the nation. So, I blame the president for any shortcomings of the NNPCL,” Rafsanjani stated in an interview with Sunday PUNCH.

The civil society leader also expressed dissatisfaction with the National Assembly, particularly the committees overseeing the oil sector, arguing that the lawmakers had a statutory duty to ensure the proper functioning of the NNPCL and criticised them for their perceived inaction in holding the corporation accountable.
Rafsanjani further highlighted the role of security agencies in addressing issues such as crude oil diversion, suggesting they must also share responsibility for the ongoing crisis.
He called on the government and other stakeholders to adopt a firmer stance against the alleged cartel operating within the NNPCL, emphasising the need for a stronger commitment to addressing corruption in the oil sector.

TRUTH OF THE WHOLE MATTER!

The entire political system of Nigeria from the presidency down to the local government areas is abysmally corrupt!
Corruption is the cancerous disease that has birthed crimes and criminalities, dissensions, sectionalism, embezzlement of public funds, annual ritual of budget padding by legislators in collusion with civil servants from the federal to state and local government levels, banditry, terrorism, kidnappings, crude oil bunkering, money laundering etc, and in all of the above the Nigerian Armed Forces/Police personnel, security agencies and parastatals are COMPLICIT!

The way of the quagmire is to
1.Suspend the entire NNPCL management team considering the gravity of the Auditor General’s indicting report:
2. Bring on board highly-efficient, diligent and patriotic professional to run the affairs of the Oil Company for 12 calendar months and
3. Identify and fish out the Fifth Columnists in the system for adequate sanctions according to the Law!
In the meantime, Mr. President as substantive Minister of Petroleum Resources should meticulously monitor all activities personally to save this major foreign exchange earner product from being feasted on by both internal and external predators in collaboration!
HE SHOULD ALSO BEGIN THE PROCESS OF THE CITIZENS DEMAND FOR A (ONE HOUSE) UNICAMERAL PARLIAMENTARY SYSTEM OF GOVERNMENT THROUGH POPULAR REFERENDUM!
He should urgently comply because time is not in his side AND 2027 is just around the corner!

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]




I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

Huh🤔

Just one question for the op

Where will he get funds to pay subsidy when Buhari didn't make provision for it in d budget?

Sharpsharp00123:
Just one question for the op

Where will he get funds to pay subsidy when Buhari didn't make provision for it in d budget?

Just one question for you: Where did the idiot get the money to buy the needless presidential jet when the National Assembly did not appropriate funds for such?

hedonido:


Just one question for you: Where did the idiot get the money to buy the needless presidential jet when the National Assembly did not appropriate funds for such?

your reply answers it all

The president is an idiot


Ok.

Sharpsharp00123:
your reply answers it all

The president is an idiot


Ok.

How typical. Always seeking the easy escape route in the guise of claiming 'witty' abi wise.

If you can't answer the simple, straightforward question, then you will be forever damned for asking the initial stupid question that you did.

Insufferable lot.

hedonido:


How typical. Always seeking the easy escape route in the guise of claiming 'witty' abi wise.

If you can't answer the simple, straightforward question, then you will be forever damned for asking the initial stupid question that you did.

Insufferable lot.

we know u really don't care about what happens in d country but u are just pained u lost out

U will keep losing out since u refuse to n reasonable

I don't have anything to tell u cos it's obvious u ain't ready for any reasonable discussion but just to show pains of election loss

Very st0pid question. Budget is just a forecast and there's something called supplementary budget.

Buhari that budgeted for subsidy in the first six months of 2023, did he use his personal money?

16yrs of PDP where subsidy was budgeted for, did they use their personal money?

Now that Tinubu removed all subsidy, why has he almost doubled national debt in less than 2yrs?

Sharpsharp00123:
Just one question for the op

Where will he get funds to pay subsidy when Buhari didn't make provision for it in d budget?

ValarDoharis:
Very st0pid question. Budget is just a forecast and there's something called supplementary budget.

Buhari that budgeted for subsidy in the first six months of 2023, did he use his personal money?

16yrs of PDP where subsidy was budgeted for, did they use their personal money?

Now that Tinubu removed all subsidy, why has he almost doubled national debt in less than 2yrs?

any verifiable news outlet to show he doubled national debt?

Where did I say he doubled national debt?

Sharpsharp00123:
any verifiable news outlet to show he doubled national debt?

ValarDoharis:
Where did I say he doubled national debt?

Now that Tinubu removed all subsidy, why has he almost doubled national debt in less than 2yrs?


No b u type this?

Almost doubled is not equal to doubled. Pay attention to details.

He inherited 87 trillion. Now its about 142 trillion

Sharpsharp00123:
Now that Tinubu removed all subsidy, why has he almost doubled national debt in less than 2yrs?


No b u type this?

ValarDoharis:
Almost doubled is not equal to doubled. Pay attention to details.

He inherited 87 trillion. Now its about 142 trillion

any verifiable news outlet to buttress your point?

Can you use your hand to punch your eye? Who is the government, and who is the NNPCL? Is there any difference between six and half a dozen?

I cannot spoonfeed you

Sharpsharp00123:
any verifiable news outlet to buttress your point?

ValarDoharis:
I cannot spoonfeed you

keep quiet

U ibos n your useless propaganda n lies,u can only fool idiots like u

Bring facts here stop throwing shits around

U think I am one of those ipob miscreants that will swallow your garbage

Bring evidence mugu

Can't even believe a bas***rd like u charged at me aggressively only to come here to lie

U people think u can bully others by first insulting them right

Elebushan

Only Yorubas defend Tinubu due to tribalism.

All indices of development are falling under Tinubu's ineptitude

Sharpsharp00123:
keep quiet

U ibos n your useless propaganda n lies,u can only fool idiots like u

Bring facts here stop throwing shits around

U think I am one of those ipob miscreants that will swallow your garbage

Bring evidence mugu

Can't even believe a bas***rd like u charged at me aggressively only to come here to lie

U people think u can bully others by first insulting them right

Elebushan

You guys simply don’t know the kind of inequality perpetrated by petrol subsidies.

Love Nigeria first….


https://intelpoint.co/insights/nigerias-debt-hits-%E2%82%A6134-trillion-by-mid-2024-driven-by-the-effects-of-the-currencys-devaluation/


https://www.ceicdata.com/en/indicator/nigeria/external-debt