Home Inside Africa Nigeria Missing US$15bn and N200bn Oil Revenues: CNPP Backs SERAP’s Call

Missing US$15bn and N200bn Oil Revenues: CNPP Backs SERAP’s Call

Conference of Nigeria Political Parties (CNPP)
Conference of Nigeria Political Parties (CNPP)

Conference Of Nigeria Political Parties (CNPP) has reacted to the call by the Socio-Economic Rights and Accountability Project (SERAP) on President Bola Tinubu to probe the $15bn and N200bn missing oil revenues, insisting that the President must suspend the top management team of Nigerian National Petroleum Corporation Limited (NNPCL) for effective investigation.

SERAP had in a statement on Sunday urged Tinubu to set up a presidential panel of enquiry to promptly probe the grim allegations that over $15 billion oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI).

However, in a statement signed by its Deputy National Publicity Secretary, James Ezema, the CNPP recalled that it had “in June 2022 noted that the unveiling of the new NNPC Limited by then President Muhammadu Buhari amounted to rebranding corruption.

“The CNPP had wondered why the inept leadership that have continued to import petroleum products into the country without attempt to build a refinery for eight years should remain at the management team of the so-called new NNPCL.

“The CNPP was emphatic that the unveiling of commercial brand of NNPC was a clear reinforcement of corruption as the transition from Nigerian National Petroleum Corporation to NNPC Limited included the rebranding of a team management perceived by Nigerians as corrupt.

“The CNPP recalled that it accused the then NNPC of manipulating figures when suddenly the Group Chief Executive Officer of NNPCL, Mele Kyari, announced that the NNPC as a corporation grew its profit after tax from N287bn in 2020 to N674bn in 2021.4 Oct 2021.

“Incidentally, these are almost the same period NEITI found $15bn and N200bn seemingly stolen.

“We therefore join SERAP to call on President Bola Ahmed Tinubu to immediately suspend the current top management of NNPCL and institute an open investigation into allegations of missing $15 billion oil revenues, and N200 billion budgeted to repair the refineries as well as several accusations of non-remittance of oil revenues against the management of NNPC, now NNPCL.

“The probe should cover activities of the NNPC/NNPCL from 2015 to date since President Muhammadu Buhari administration had gone ahead to recover stolen oil money under President Goodluck Jonathan administration”, the statement concluded.

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