Senator Adams Oshiomhole, representing Edo North Senatorial District, has expressed concern over the purported missing of hundreds of trillions of naira within the Nigerian National Petroleum Company Limited (NNPCL), stating that democracy without accountability is a hollow exercise.
Oshiomhole, who was the guest speaker during the June 12 lecture held in Akure, the Ondo State capital, described as "mind-boggling" financial transactions that vanished without trace between 2017 and 2022.
With the lecture themed 'June 12 And Beyond: Reflecting on The Progress of Democracy and Security Concerns,' the former national chairman of the All Progressives Congress (APC) revealed that his committee had uncovered N210 trillion in unaccounted funds requiring explanation from the Nigerian National Petroleum Company Limited (NNPC).
Oshiomhole, who chairs the Senate Committee on Public Accounts, revealed that his committee had invited the concerned NNPC officials on several occasions to explain issues raised in audited financial reports but repeatedly failed to appear despite a series of invitations.
He said, "The reports indicated that NNPC claimed over N107 trillion was deposited in various banks that subsequently became insolvent, resulting in the disappearance of those funds. Our committee's simple request was for the names of the banks involved and details of the amounts held in each institution. This is not an unreasonable question. If such enormous sums disappeared, Nigerians deserve to know where the money was kept, who owned the institutions involved, and what happened to the funds."
"The committee also examined another claim involving approximately N103 trillion allegedly tied to transactions with marketers, tanker operators, and other entities. Again, we requested details: the names of those involved, the value of the transactions, and the evidence supporting the claims."
While describing the beauty of democracy as the ability to ask difficult questions without fear, the former labor leader maintained that the essence of democracy lies in institutions, particularly parliament, noting that it is the presence of a legislature that makes the difference between democratic governance and military rule.
According to the former Edo State Governor, he is committed to President Bola Tinubu's administration and to Nigeria's progress, emphasizing that the transactions under investigation occurred before Tinubu assumed office.
Oshiomhole maintained that democracy does not promise a perfect society but guarantees the freedom to speak, the freedom to criticize, and the protection of the rule of law. He urged Nigerians to think deeply during elections, resist manipulation through ethnicity and religion, and demand clear answers from those seeking public office on critical issues.
The Senator recalled interactions with Chief M.K.O. Abiola, the presumed winner of the June 12, 1993 election, who was detained after the annulment, disclosing Abiola rejected compromise offers, insisting he would not betray those who left their farms, offices, and schools to vote for him.
On his part, Governor Lucky Aiyedatiwa emphasized that democracy thrives only in an atmosphere of peace and security and noted that the June 12, 1993 presidential election remains one of the most defining moments in Nigeria's democratic history.
Aiyedatiwa stated that democracy is not a destination but a continuous journey, measured not only by elections but also by good governance, active participation, accountability, and respect for the rule of law.
The governor expressed support for President Tinubu's commitment to addressing insecurity through strengthened security leadership coordination and community-based security approaches.
On state police, Aiyedatiwa said, "For us in Ondo State, we've been ready a long time. Even during the time of my late predecessor, Arakunrin Oluwaroritimi Akeredolu, SAN, the structure had been built, which I've also further strengthened. We have the structure, we have the people, and all that is left is the approval of needed weapons and equipment. Yes, we have some equipment already that the law permits. But we need to further fortify them with more sophisticated equipment that will make them more effective and functional in the charge of their duty."
The Olu of Iluabo, Oba Olu Falae, recounted sacrifices made during the June 12 struggle and said Nigerians overwhelmingly voted for Abiola in a credible election that was annulled, triggering national outrage and resistance.
He noted that the annulment led to organized resistance, including the formation of NADECO and sustained opposition to military rule. Falae warned that military rule must never return to Nigeria, noting that the struggle involved detention, exile, and loss of lives but paved the way for the present democratic order.
