Your unveiling of NNPC akin to rebranding graft, CNPP tells Buhari

• Gbajabiamila regrets absence of stakeholders at Reps’ probe panel

Conference of Nigeria Political Parties (CNPP) has faulted unveiling of the new Nigerian National Petroleum Company (NNPC) Limited by President Muhammadu Buhari, saying that it amounts to “rebranding and reinforcing corruption.”

Besides, the group pointed out that the current administration did not realise what could be the impact of the action on its “ anti-corruption posture in the eye of the international community.”

In a statement by its Secretary General, Chief Willy Ezugwu, CNPP stated: “The time has come for countrymen and women to tell those managing the upstream and downstream sectors of the oil and gas industry in Nigeria to be sincere in their policies on the economy.”

It said while the citizens are groaning under pressure of adverse economic conditions, “the NNPC, which does not have other serious businesses except to import petrol into the country to service its subsidy scam, has again increased the pump price of fuel.”

Ezugwu added: “It is difficult to understand the reason for presenting the NNPC Limited as a commercially-driven company.

“It is instructive to note that before now, the NNPC has a history of non-remittance of revenue to the federation account and there has been allegations that the management has been engaged in backdoor crude swap as part of the subsidy scam in the corporation over the years.

“Now that the NNPC will be freed from Treasury Single Account (TSA) and others, what happens to the unremitted funds? Since the NNPC is no longer Nigerian National Petroleum Corporation but Nigerian National Petroleum Company Limited and the same Mallam Mele Kyari is now transforming from Group Managing Director (GMD) to Group Chief Executive Officer (GCEO) in a government-controlled company, it amounts to rebranding corruption and reinforcing it.”

IN the meantime, Speaker of the House of Representatives, Femi Gbajabiamila, yesterday, decried absence of critical stakeholders at the ongoing investigative hearing by the chamber’s Special Ad-hoc Committee on Petroleum Products Subsidy Regime from 2017 to 2021.

Represented by his deputy, Idris Wase, at the panel’s sitting in Abuja, the Speaker said he was disappointed by the absence of those in authority, who were to account for what they done to Nigerians.

He disclosed that the quantum of money assumed to have been spent on subsidy during the period amounts to N4.9 trillion, adding: “Going by the quantum of estimation assumed to have been spent as of today, it is amounting to N6 trillion.”