The Coalition for Public Accountability and Social Justice has called for an independent review of the operations and financial records of the Nigerian National Petroleum Company Limited (NNPCL) amid concerns over its reported earnings, refinery rehabilitation projects and corporate governance.
The group also urged President Bola Tinubu to clarify his position on the continued leadership of NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari.
The coalition made the call in a statement issued on Tuesday and signed by its National Coordinator, Engr. Lucas Yakubu, and National Spokesperson, Hon. Abimbola Oyeyemi.
It urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to examine issues raised about the company’s financial transactions and operations.
The group questioned NNPCL’s reported ₦7.2 trillion profit after tax in 2025, representing a 33 per cent increase from ₦5.4 trillion recorded in 2024, despite a 24 per cent decline in revenue to ₦34.5 trillion.
It particularly sought an explanation of the company’s reported ₦7.1 trillion sundry income, asking NNPCL to clarify how much came from petroleum operations, asset disposals, accounting adjustments and other transactions.
The coalition also called for the publication of detailed information on the company’s earnings, operating cash flow, dividend payments and remittances to the Federation Account.
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It further referred to reports by TheCable on August 3, 2025, concerning financial dealings involving businessman Abdullahi Bashir-Haske, urging the EFCC to clarify the status of a petition reportedly submitted against Ojulari.
The group also called for an examination of reports concerning alleged links between individuals associated with NNPCL’s leadership and oil-block allocations.
On the refineries, the coalition expressed concern over the continued shutdown of government-owned facilities despite investments in rehabilitation.
It cited Ojulari’s reported disclosure that the Port Harcourt Refinery was recording monthly losses of between ₦300 million and ₦500 million before its shutdown.
It therefore called for details of the funds spent on refinery rehabilitation, the current condition of the facilities and measures taken to ensure accountability.
The group urged Tinubu to direct an independent review of the issues and take appropriate action where necessary.
- It warned that failure to address the concerns could lead to a mobilisation of civil society organisations for peaceful protests at NNPCL Towers, the National Assembly and the Presidential Villa in Abuja.
