The Conference of Nigeria Political Parties (CNPP) has described as “highly disappointing” the recent demand by the Nigerian National Petroleum Company Limited (NNPCL) that the Federal Account Allocation Committee (FAAC) pay it an outstanding N4.56 trillion for selling PMS at a subsidized price, between August 2023 and June 2024, according to media reports.
This revelation is coming despite the federal government’s repeated announcements that there are no subsidy payments for petrol in the country.
The CNPP in a press statement released this morning (Friday, August 23) said it finds it absurd and unacceptable that NNPC under the leadership of Mele Kyari, 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.
“This is a clear case of financial recklessness, impunity, and a slap in the face of Nigerians who are struggling to make ends meet,” the CNPP said in the statement.
“We demand an immediate explanation from NNPC Limited on the following: 1) How did NNPC Limited arrive at the figure of N4.56 trillion as subsidy reimbursement?
2) What is the basis for this claim when the federal government has repeatedly announced that there are no subsidy payments?
3) How can NNPC Limited declare a net profit of N3.297 trillion in a year and yet claim to have incurred a subsidy expense of N4.56 trillion within the same year.
Meanwhile, 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.
“We also insist 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, we call 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?
Was due process followed in the acquisition?
“We also demand 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.
“The CNPP strongly suspects 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. We will not stand idly by while the country is being plundered by those who think they are above the law.
“We urge all allied civil society organizations in the country to be on the standby as the CNPP shall be mobilizing for a total showdown if our questions are not answered properly as we shall jointly use all constitutional means to get justice for all the hungry masses whose commonwealth is being plundered.
“We also call on the National Assembly to take immediate action to investigate these allegations and to hold those responsible accountable for any of their wrong doing. 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.”
