Get Guardian on GoogleThe Coalition for Public Accountability and Social Justice (CPASJ) has called for greater transparency in the financial reporting of the Nigerian National Petroleum Company Limited (NNPCL), following its declaration of ₦7.2 trillion profit after tax for 2025 despite a 24 per cent decline in revenue.
The group urged President Bola Tinubu to ensure that the national oil company provides a detailed explanation of its financial performance, particularly the sources of its reported income and the factors responsible for the significant increase in profitability.
In a statement issued on Tuesday and signed by its National Coordinator, Engr. Lucas Yakubu, and National Spokesperson, Hon. Abimbola Oyeyemi, CPASJ said Nigerians deserved a clearer understanding of the company’s financial results and their implications for the national economy.
According to the figures cited by the organisation, NNPCL’s profit after tax increased by 33 per cent from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, while its revenue declined by 24 per cent to ₦34.5 trillion.
The coalition also drew attention to the reported ₦7.1 trillion in sundry income, calling for a comprehensive breakdown of the figure to establish the various sources of the company’s earnings.
It said, “What exactly constitutes this extraordinary income? How much came from actual petroleum operations, asset disposals, accounting adjustments or other non-recurring transactions? Nigerians deserve to know whether these impressive profit figures reflect sustainable operational performance or extraordinary accounting gains.”
CPASJ urged NNPCL to publish a detailed reconciliation of its earnings, operating cash flow, dividend payments and remittances to the Federation Account.
The organisation said such disclosures would help stakeholders assess the company’s financial position and determine how its operations contribute to government revenue and national development.
It also called for greater clarity on the operational status of government-owned refineries and the investments made in their rehabilitation.
The coalition said Nigerians needed regular updates on the progress of refinery rehabilitation projects, the resources committed to them and the company’s plans for improving domestic refining capacity.
It further urged the NNPCL management, led by Group Chief Executive Officer, Bashir Bayo Ojulari, to strengthen corporate governance, financial reporting and public communication.
The organisation maintained that improved profitability should be accompanied by transparent disclosures that demonstrate the sustainability of the company’s operations and its contribution to the country’s petroleum industry.
CPASJ called on the Presidency to encourage relevant regulatory and oversight institutions to examine the company’s financial disclosures in line with their statutory responsibilities.
It also urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to discharge their respective oversight responsibilities whenever credible evidence of financial misconduct is presented to them.
The coalition said accountability and transparency were essential to building public confidence in the management of Nigeria’s petroleum resources.
It warned that failure to provide adequate explanations on issues of public interest could prompt it to mobilise other civil society organisations for peaceful demonstrations at NNPCL Towers, the National Assembly and the Presidential Villa in Abuja.
