A leading civic group has called on Mr. Bayo Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to publicly account for several billions of naira and foreign currency allegedly missing from the corporation’s accounts, as revealed in the recently published 2022 Annual Report by the Auditor-General of the Federation.
In a strongly worded statement issued on Sunday, the organisation said:
> “We’ve urged Mr. Bayo Bashir Ojulari, Group Chief Executive Officer of @nnpclimited, to account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.”
The group also demanded that the NNPCL boss take decisive steps to bring those responsible for the alleged financial discrepancies to justice.
> “We also urged Mr Ojulari to identify those responsible for the diverted or misappropriated oil money and hand them over to @icpcnigeria and @officialEFCC for prosecution, as appropriate,” the statement continued.
According to the group, the findings of the Auditor-General represent serious breaches of public trust and national laws.
> “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended], anticorruption laws, and the country’s international obligations.”
The organisation warned that corruption in the oil sector continues to undermine Nigeria’s economy and trap millions in poverty.
> “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
It further noted that the Auditor-General has repeatedly highlighted similar irregularities in the management of oil revenue, lamenting that Nigerians continue to suffer the consequences.
> “The Auditor-General has for many years documented reports of disappearance of oil money from @nnpclimited. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.”
The group emphasised that addressing systemic corruption in the petroleum industry is essential for economic recovery and good governance.
> “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
Despite being Africa’s largest oil producer, the group said ordinary Nigerians have gained little from the country’s vast oil wealth.
> “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
The call adds to growing public pressure on the NNPCL and the Federal Government to act on the Auditor-General’s report and ensure that those responsible for any financial impropriety are held accountable.