The Conference of Nigeria Political Parties (CNPP) has expressed shock, dismay, and disappointment over the recent demand by the Nigerian National Petroleum Company Limited (NNPC Limited) for the Federal Account Allocation Committee (FAAC) to pay an outstanding N4.56 trillion for selling petrol at a subsidized price between August 2023 and June 2024.
“This is despite the Federal Government’s repeated announcements that there are no subsidy payments for petrol in the country,” said Comrade James Ezema, Deputy National Publicity Secretary of CNPP. “We find it absurd and unacceptable that NNPC Limited would declare a net profit of N3.297 trillion in its 2023 Audited Financial Statement (AFS) and yet bill FAAC a whopping N4.56 trillion subsidy reimbursement for petrol sold in just two months.”
The CNPP has demanded an immediate explanation from NNPC Limited on several issues, including how the company arrived at the figure of N4.56 trillion as subsidy reimbursement, the basis for this claim when the Federal Government has repeatedly announced that there are no subsidy payments, and how NNPC Limited can declare a net profit of N3.297 trillion in a year and yet claim to have incurred a subsidy expense of N4.56 trillion in just two months.
Furthermore, the CNPP has called for an independent forensic audit of NNPC Limited under Engr Mele Kyari, covering the period from 2020 to date. “This audit should be conducted by a reputable international firm and should cover all aspects of NNPC Limited’s operations, including its financial dealings, contracts, and acquisitions,” CNPP demanded.
The CNPP has also insisted on the immediate suspension of Engr Mele Kyari for probe, pending the outcome of the forensic audit. “This is necessary to prevent any further manipulation or destruction of evidence.”
Additionally, the CNPP has called for an investigation into how NNPC Limited acquired OVH Energy Marketing (OVHEM), owner and operator of the Oando downstream assets. “We demand to know what was the purchase price of OVHEM, who were the parties involved in the transaction, and was due process followed in the acquisition?” CNPP said.
The CNPP has also demanded a revaluation of the acquired Oando assets to determine their true value and to ensure that NNPC Limited did not overpay for the said acquisition.
“We strongly suspect that the reason for the impunity with which NNPC Limited’s management operates is based on presumed immunity due to Mele Kyari’s strong ties with Oando, which is operated by Wale Tinubu, suspected to be a nephew of President Bola Tinubu,” the CNPP added.
The CNPP has vowed to take action if their questions are not answered properly. “We urge all allied civil society organizations in the country to be on standby as the CNPP shall be mobilizing for a total showdown if our questions are not answered properly,” CNPP vowed.
The CNPP has also called on the National Assembly to take immediate action to investigate these allegations and to hold those responsible accountable for any wrongdoing. “Failure to take action, all the Federal lawmakers in the country will be held accountable by the citizens as accomplices in the looting of Nigeria’s oil revenues,” statement concluded.