NNPCL’s N15b product release confirms allegation of economic sabotage — CNPP

The Conference of Nigerian Political Parties (CNPP) has said that the recent release of N15 billion worth of products to independent oil marketers by the Nigerian National Petroleum Company Limited (NNPCL) is a confirmation of its allegation of sabotage in the oil sector.

In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP pointed out that it sees the move by NNPCL, which was allegedly facilitated by the Director General of the Department of State Services (DSS), Adeola Ajayi, as “a validation of the CNPP’s allegations of economic sabotage against NNPCL.”

Ezema said, “The CNPP has long argued that NNPCL’s practices have been harmful to the Nigerian economy. The recent authorisation by NNPCL, allowing oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) to lift Premium Motor Spirit (PMS) at a reduced price, substantiates the CNPP’s claims of economic sabotage against the federal government-owned oil company.”

The CNPP also expressed concern over NNPCL’s ongoing violations of the Petroleum Industry Act (PIA), while stressing the need for the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue import and off-taker licences to oil dealers, enabling them to import fuel directly or purchase from local refineries like the Dangote Refinery. The move is expected to eliminate NNPCL’s undue regulatory and competitive roles.

Besides, the Conference called on the Federal Government to either fully deregulate the oil sector, allowing marketers to freely buy and sell petroleum products, or to implement a transparent petrol subsidy regime free from corrupt practices to maintain control over PMS pump prices.

He said, “The DSS’s intervention came after IPMAN threatened to halt operations nationwide due to the high costs of loading petroleum products from NNPCL facilities. IPMAN revealed that the cost of petrol from the Dangote Petroleum Refinery to NNPCL was approximately N898 per litre, while NNPCL was selling it at significantly higher prices in various locations.

This discrepancy is seen as a deliberate attempt by NNPCL to undermine President Bola Tinubu’s Renewed Hope Agenda by exacerbating economic hardship and turning citizens against the government.”

Meanwhile, the CNPP has questioned why it took threats by IPMAN, which controls over 70 percent of filling stations nationwide, and Department of State Security (DSS) intervention before NNPCL complied with the law and stopped fixing petrol pump prices.

The CNPP then accused NNPCL’s leadership of attempting to maintain control over the oil industry post-commercialisation due to endemic corruption.

He said, “The CNPP has pledged to continue monitoring the activities of NNPCL, given the company’s significant impact on the economy and the livelihood of ordinary citizens. The CNPP will continue to advocate for transparency and accountability in the oil and gas sector, as it has done over the years.

“Recall that in December 2022, the DSS had previously taken proactive measures to prevent potential unrest during the Yuletide season by issuing a 48-hour ultimatum to NNPCL, IPMAN, and other stakeholders to resolve the then ongoing fuel crisis, which has remained an issue to date as NNPCL has continued to operate in a very secretive manner.”