President Bola Ahmed Tinubu has been urged to address concerns raised over the management of the Nigerian National Petroleum Company Limited (NNPC), including questions surrounding its financial disclosures, refinery investments and corporate governance.
The Coalition for Public Accountability and Social Justice (CPASJ) raised this concern in a statement on Tuesday in Abuja, signed by its National Coordinator, Engr. Lucas Yakubu, and National Spokesperson, Hon. Abimbola Oyeyemi.
The group called for greater transparency in the operations of the national oil company and urged relevant authorities to review issues it said required clarification.
CPASJ specifically questioned NNPC’s reported profit after tax of ₦7.2 trillion for 2025, representing an increase from the ₦5.4 trillion reported for 2024, despite a reported decline in revenue to ₦34.5 trillion.
The group said the figures warranted a detailed explanation of the factors behind the increase in profitability, particularly the composition of the company’s reported income and the extent to which the result reflected its core petroleum operations.
It also drew attention to reported sundry income of about ₦7.1 trillion, asking NNPC to provide greater clarity on the sources and nature of the income.
According to the organisation, such disclosure should indicate how much of the company’s earnings came from petroleum operations, asset-related transactions, accounting adjustments or other sources, in order to enable Nigerians and other stakeholders to better understand the company’s financial performance.
CPASJ further called for detailed information on NNPC’s operating cash flow, dividend payments and remittances to the Federation Account, saying transparency in these areas would strengthen public confidence in the company’s financial reporting.
The coalition also referred to media reports concerning past petitions and allegations involving NNPC’s Group Chief Executive Officer, Bashir Bayo Ojulari, and urged relevant authorities to clarify the status of any petitions formally submitted to them.
It said that where allegations have been made against public officials, the appropriate investigative institutions should determine whether there is any basis for further action, stressing that such matters should be resolved through due process rather than public speculation.
CPASJ also raised questions about reports concerning alleged links between persons associated with Ojulari and companies involved in oil-block transactions. The organisation acknowledged that such claims have been disputed and called for verification of relevant corporate ownership, licensing and regulatory records where necessary.
The group equally expressed concern over the status of government-owned refineries and the substantial resources committed to their rehabilitation, asking the relevant authorities to provide Nigerians with updated information on expenditure, operational status and expected timelines for full commercial operations.
It referenced previous comments attributed to Ojulari regarding losses reportedly incurred by the Port Harcourt Refinery before its shutdown and called for greater transparency on the rehabilitation expenditure and the financial implications of the facility’s operations.
“Mr President, Nigerians deserve clear explanations on the issues surrounding the management of NNPC, its financial disclosures, refinery investments and corporate governance,” the group said.
CPASJ urged the Presidency to ensure that any concerns relating to the management of the national oil company are subjected to appropriate administrative, regulatory or investigative processes where necessary.
It also called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to examine any specific allegations within their respective mandates where credible petitions or evidence are presented.
The coalition stressed that its position was not a determination of guilt against any individual, but a call for transparency and accountability in the management of Nigeria’s petroleum resources.
“Public accountability requires that significant questions concerning the nation’s petroleum resources and public institutions are addressed transparently and through due process,” CPASJ said.
The organisation said it would continue to engage relevant institutions and civil society stakeholders on issues of transparency in the petroleum sector, adding that it would consider lawful and peaceful advocacy measures if it believed its concerns were not adequately addressed.
SOURCE: Independent