A group of retired staff from the Nigerian National Petroleum Company (NNPC) Limited on Friday in Abuja raised serious concerns that their life savings may be lost following a leadership crisis at the NNPC Staff Multipurpose Cooperative Society Limited, Lagos.

The retirees, at a press conference, called on the NNPC management and the Lagos State Government to intervene urgently, claiming they have been unable to withdraw their funds or receive dividends for over six years, despite consistent monthly contributions.

The chairman of the retirees’ group, Elder Ante Ante, demanded a forensic audit of the cooperative’s accounts covering the past six years and called for the removal of the current management, which he described as illegitimate.

Ante revealed that while the cooperative declared a profit of N96 million in 2021, it shockingly posted a loss of N806 million in 2022. Since then, no annual general meetings (AGMs) have been held, leaving members in the dark over the fate of their funds.

“The essence of a cooperative society is to provide assistance and emergency solutions to the financial needs of its members. But as we speak, if not up to 10 years, we have not received any dividends from this cooperative. And yet, members continue to contribute monthly,” Ante said.

Other key members, including former cooperative president Odey Ochicha and NNPC retiree, Bob-Manuel Kons, accused the current leadership of financial mismanagement and illegal control.

They alleged that after a management crisis following the December 2022 elections, the Lagos State Government and NNPC management supported one faction, which impeached the president and installed a caretaker committee without the approval of the general congress.

They further claimed that a March 2024 election was held in secret, producing a leadership they say lacks legitimacy. According to them, the newly installed president, Mr. Ojo, has been disbursing funds without proper accountability.

Ochicha described the situation as a betrayal of trust, saying, “We contribute our hard-earned money every month, and nothing comes out of it. We want transparency, accountability, and justice.”

Vice chairman Bob-Manuel Kons expressed frustration, saying he has over N15 million in savings he has been unable to access for six years. “That money could’ve changed my life,” he said.

The group is demanding the reinstatement of the 2022 elected executive, an immediate forensic audit, and the restoration of proper AGMs to protect members’ interests.