If Nigeria is to achieve any meaningful progress, one entity demands the nation's undivided attention and a relentless call for transparent accountability: the Nigerian National Petroleum Company Limited (NNPC Ltd). As the custodian of the nation's primary economic resource, its stewardship directly impacts the lives of every Nigerian.
The Pillar of Nigeria's Economy and Its Troubled Legacy
Established on April 1, 1977, the NNPC was created to manage Nigeria's vast oil and gas wealth for national development. Its mandate spanned exploration, refining, transportation, and marketing. Following the Petroleum Industry Act of 2021, it transitioned into a limited liability company in July 2022, theoretically operating as a commercial, profit-driven entity free from direct government control and funding.
However, this shift towards purported transparency has been overshadowed by a long history of financial controversies. Estimates reveal a devastating truth: in the 60 years since independence, over $550 billion has been lost to corruption in Nigeria. The Economic and Financial Crimes Commission (EFCC) has managed to recover a mere fraction, about $750 million, with a significant portion of the fraud traced back to the oil sector and activities linked to NNPC management.
A Timeline of Unanswered Questions and Massive Sums
The pattern of non-remittance and alleged diversion of funds is not new. As far back as 2016, a report surfaced that the NNPC failed to remit a staggering $16 billion to the federation account. The public outcry that followed eventually faded, with the matter seemingly swept under the carpet.
The scrutiny has continued into its new corporate era. On September 11, 2025, the then Group Chief Executive Officer (GCEO), Mele Kyari, was interrogated by the EFCC over allegations of diverting $7.2 billion meant for refinery funds. The allegations deepened when, on August 6, 2035, Kyari and associates were accused of using a company linked to his in-law, the MSM group, as a front to launder $2.8 billion earmarked for rehabilitating the Port Harcourt, Warri, and Kaduna refineries.
Currently, the Nigerian Senate is demanding answers from the NNPC regarding a colossal N210 trillion it allegedly failed to remit. Past experience, however, breeds little public confidence that this investigation will yield tangible results or consequences.
The Real Cost: A Nation Held Back and a People Suffering
The ultimate losers in this cycle of financial opacity are the Nigerian masses. The disappearance of humongous funds from the national coffers has direct, painful consequences:
- Infrastructure deficit: Critical road networks remain in disrepair for lack of funding.
- Failing social sectors: The government consistently complains of insufficient funds to revolutionize the health and education systems.
- Mounting debt: The nation is forced to seek loans internationally to finance budgets and capital projects.
- Housing crisis: Affordable housing for workers remains a mirage, leaving tenants at the mercy of exploitative landlords.
Nigeria presents a cruel irony. While its leaders preach patience, there appears to be no effective mechanism to hold accountable those managing public wealth. Funds that should develop the nation are siphoned into private pockets and often moved abroad, while the citizens who own the resources endure grinding poverty and lament their fate to the grave.
Jide Oyewusi is the coordinator of Ethics Watch International Nigeria.
