Activities of NNPC shrouded in secrecy

Peter Obi has said poor political leadership will continue to harm Nigeria irretrievably amid the country's failure at the 2024 Paris Olympics — Peter Obi has said poor political leadership will continue to harm Nigeria irretrievably amid the country’s failure at the 2024 Paris Olympics

Labour Party’s presidential candidate in the 2023 elections Peter Obi has said the activities of the Nigerian National Petroleum Corporation (NNPC) Limited look to be shrouded in secrecy.

In a post on his X handle, Obi stated that Nigerians must demand transparency in the operations of the NNPCL as it appears most of their dealings are not in the open for all to see.

“The conflicting reports on subsidy payments have left Nigerians in the dark, unsure of what is happening in this all important company,” Obi wrote on X.

“It is very curious that the Nigerian National Petroleum Company Limited (NNPCL) which declared a N3 trillion profit in 2023, is coming up with a bizarre claim of “financial constraints” in supplying fuel.

“The fuel scarcity crisis, characterized by endless queues, and untold hardship, is a direct result of the government’s ineptitude.

“The $20 billion Dangote Refinery and other Modular Refineries’ struggles to secure crude oil supply and NNPCL’s search for outside operators for its refineries are further proof of this administration’s gross incompetence.

“We demand a better level of transparency in NNPCL’s operations, financial dealings, and plans for the future.

“The Petroleum Industry Act mandates an open and transparent NNPCL, we should not stand idly by while this government violates our laws. We demand that this administration come clean on these issues and take responsibility for the mess it has created.”

The former Anambra governor urged Nigerians not to rest until the truth is uncovered and to hold those responsible accountable because the Nigerian people deserve better.

NNPCL had earlier denied owing oil traders $6.8 billion fuel subsidy debt, which it is believe is the reason for supply challenges, as major roads in Lagos and the Federal Capital Territory (FCT) were noticeably empty due to motorists lacking fuel to move around.

The Corporation later admitted that the debts owed to international oil traders are the main factor in the ongoing fuel scarcity in the country.

NNPC spokesperson Olufemi Soneye in a statement confirmed media reports that linked the fuel shortage to supply disruptions caused by outstanding debt obligations to international oil traders.

“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers,” Soneye said.

“This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.

“In line with the Petroleum Industry Act (PIA), NNPC Ltd. Remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”