(PRESS STATEMENT)
The National Transparency Network, a coalition of Civil Society Organizations and patriotic citizens, has demanded a thorough investigation into the financial activities of the Nigerian National Petroleum Company Limited (NNPCL) under the leadership of former Group CEO, Mele Kyari.
Speaking at a press conference in Abuja, the group called for a Special Commission of Inquiry to probe the $1.5 billion spent on the Port Harcourt refinery, which has yet to deliver refined products.
The CSOs expressed outrage over the reckless expenditure of $1.5 billion on the Port Harcourt Refineries (PHRC) 1 and 2, an amount equivalent to the annual budgets of several African countries.
They questioned the initial plan to rehabilitate two refineries, which was abandoned without justification, and demanded answers on where the funds disappeared to.
The group led by its National Coordinator. Dr Fabian Opialu criticized the Kyari-led administration for lack of transparency and accountability, citing false reports of “mechanical completion” despite the refinery’s non-functionality.
The group also raised concerns about suspicious arrangements between NNPCL and Matrix Oil, which invested $400 million in the refinery rehabilitation without clear terms or benefits to Nigeria.
They demanded a comprehensive audit and prosecution, including a forensic audit of all NNPCL financial transactions over the past five years, publication of those involved in the alleged misallocation of 89 million barrels of crude oil to non-state actors, a detailed report on how $1.5 billion was spent on the Port Harcourt refinery, interrogation and possible prosecution of Mele Kyari, dismissed board members, and other NNPCL executives found culpable, and a legislative oversight hearing to ensure transparency requirements for the newly appointed NNPCL board.
The National Transparency Network expressed support for President Bola Ahmed Tinubu’s administration, commending his commitment to reforming Nigeria.
However, they emphasized that reform without accountability is merely cosmetic and urged the President to act swiftly to address the situation.
They called on the Economic and Financial Crimes Commission (EFCC), the National Assembly, and the Presidency to act swiftly and without delay to investigate and prosecute those involved in the alleged financial malfeasance.
The CSOs believe that a proper investigation, followed by judicial action, will send a strong message that Nigeria is ready to conduct business within the parameters of accountability.
The statement added: “Firstly, we must draw attention to the previously mentioned staggering sum of $1.5 billion earmarked for the rehabilitation of Nigeria’s refineries. Nigerians were led to believe that these funds, allocated by the Buhari-led administration in 2021, were intended for a comprehensive overhaul.
“However, to the shock and dismay of the public, not only were these funds entirely expended on just one refinery, but the said refinery turned out to be non-functional, failing to meet even the most basic industrial standards expected of such an investment.
“Such fiscal mismanagement should have been the subject of a rigorous criminal investigation involving all national and international parties implicated in this debacle.
“Yet, under President Tinubu’s administration, the silenced voices of Nigerians are being amplified, demanding answers to critical questions: Where did these huge funds disappear to? Why was the initial plan of rehabilitating two refineries abandoned without justification?
“Who are those responsible for this national capture of our resources? Moreover, this treacherous act defies logic and prudence. The dissipation of such a colossal sum with no concrete outcome or accountability speaks volumes about the Kyari-led administration.
“Despite false reports of a ‘mechanical completion’ the Port Harcourt refinery has yet to deliver refined products to Nigeria and Nigerians. On behalf of Nigerians, we ask: What was the essence of this prodigious spending? Where are the contractors? Can we see the audit trails? Finally, what role did Kyari’s NNPCL leadership play in enabling or facilitating this dereliction of duty against the nation?
“Perhaps even more alarming is the unresolved scandal surrounding the disappearance, or rather the misallocation, of over 89 million barrels of crude oil to non-state actors. While many view this as a case of mismanagement, we see it as an enormous economic sabotage of the highest order.
“It is an undeniable fact that Nigerians deserve to know who authorized such transfers, who the beneficiaries are, and why no arrests have been made to date. The absence of accountability concerning this monumental loss is a disgrace to the stature of leadership and a great threat to Nigeria’s economic sovereignty.
“Nigerians will not tolerate another phase of misappropriation and concealment. We appeal to the media to amplify this call and maintain pressure on the authorities. Likewise, we urge all stakeholders and groups to lend their voices to this cause for a better Nigeria. It is only through our collective vigilance that the heart of our nation can be preserved from kleptomaniac interests.
“Otherwise, our collective silence will embolden corrupt actors to continue their plundering of our national resources. The situation at the NNPCL is symptomatic of a deeper malaise that must be uprooted if Nigeria is to fulfill its economic potential. The NNPCL $1.5 billion refinery debacle is not just a case of wasted funds; it is a national emergency that demands immediate and thorough redress. “
