The National Civil Society Council of Nigeria (NCSCN) has dismissed the corruption allegations against the Nigerian National Petroleum Company Limited (NNPCL) describing it as baseless.
The allegations, initially raised by the Socio-Economic Rights and Accountability Project (SERAP), involved claims of $2.04 billion and N164 billion in unaccounted oil revenues.
SERAP’s accusations stemmed from a 2020 audited report by the Auditor-General of the Federation, which purportedly indicated that the funds were missing from the records of the former Nigerian National Petroleum Corporation (NNPC).
Addressing a press conference in Abuja, at the weekend, NCSCN Executive Director Comrade Blessing A. Akinlosotu, revealed that after thorough investigations they found no wrongdoing by NNPCL.
He clarified that the alleged corruption occurred under the defunct NNPC, noting that NNPCL, established in September 2021 and formally unveiled on July 19, 2022, was not in existence at the time.
“Our investigations, including a review of the audited accounts, show that NNPCL is not responsible for the alleged missing funds. The purported fraud occurred when NNPC was still operational,” Akinlosotu stated.
He further disclosed that the transition from NNPC to NNPCL involved comprehensive stock-taking and audits, which found no discrepancies.
Akinlosotu also highlighted the structural and operational changes in NNPCL, which, he said, distinguished it from the old NNPC.
“Under the current administration, all oil transaction payments are made directly to the Central Bank of Nigeria (CBN), ensuring transparency and accountability. NNPCL handles operational activities, while the CBN manages financial transactions, making misappropriation by NNPCL nearly impossible”, he said.
