$6.8billion debt: APC group demands probe into NNPCL’s finances

The APC Youth Solidarity Network demanded a thorough probe into the financial dealings of the Nigerian National Petroleum Company Limited (NNPCL) following reports of a $6.8 billion debt.

While expressing concern over the alleged mismanagement of funds and lack of transparency in NNPCL’s financial operations, the organisation called for the resignation of Mele Kyari, the Group Chief Executive Officer of the NNPCL, over the company’s admission of owing $6.8 billion in debt.

Speaking at a press conference in Abuja, on Monday, the President of the group, Olalekan Isaac, described Kyari’s tenure as one full of leadership “failure.”

After weeks of denial, the NNPC on Sunday admitted that it owed its petrol suppliers the sum of $6bn, saying it was facing financial strains due to petrol supply costs.

In a statement by its Chief Corporate Communications Officer, Olufemi Soneye, the state-owned energy company confirmed that the debt was the reason for the fuel queues in filling stations across the country, stating that it is impacting supply sustainability.

Isaac however expressed dismay over the NNPC’s initial denial of owing no debt, only to later admit to the staggering amount.

He questioned the leadership and governance style of Kyari, citing a lack of transparency, accountability, and fiscal prudence.

“We, the APC Youth Solidarity Network, resolutely maintain that the time has arrived for Mr. Mele Kyari to assume full responsibility for this leadership failure. It is imperative that he relinquish his position, thereby sparing our nation further international embarrassment and ridicule,” he said.

“Regrettably, Nigeria, Africa’s largest oil exporter, finds itself in the incongruous position of importing virtually all its fuel requirements. This anomaly is obviously a direct consequence of years of systemic neglect and mismanagement of our state-owned oil refineries.

“Furthermore, the selfish interests and lack of visionary leadership within our oil and gas sector have hindered the optimal utilisation of the newly commissioned 650,000 barrel-per-day Dangote refinery.

“Instead of producing marketable petrol for domestic consumption, this facility is compelled to export other fuels abroad, exacerbating our nation’s energy woes.

“This critical moment serves as a clarion call for transformative change, heralding a new era of transparency, accountability, and visionary leadership. We fervently implore Mr. Mele Kyari to relinquish his position, paving the way for fresh leadership that embodies the sacred values of openness, integrity, and responsibility that our citizens rightfully deserve.

“Mr. Kyari’s protracted occupation of office has devolved into an unrelenting source of embarrassment, tarnishing the reputation of our esteemed party, the All Progressives Congress (APC), and the Nigerian people. We urge him to take the noble path of resignation, immediately relinquishing his duties to spare our nation further discomfort, reputational damage, and international ridicule.

“By resigning, Mr. Kyari would demonstrate his commitment to integrity, accountability, and the values that our party holds sacrosanct. The youth of this nation are vigilantly observing, and we demand leadership that mirrors our aspirations for a brighter, and more prosperous future.”

The group urged President Bola Tinubu to facilitate Kyari’s immediate resignation, initiate a comprehensive investigation into NNPC’s financial dealings, and implement measures to prevent similar occurrences in the future.