Transparency International Blames Tinubu, Buhari, Obasanjo Over Missing N500Bn

Transparency International Nigeria has placed responsibility for years of financial mismanagement and unremitted funds at the Nigerian National Petroleum Company Limited (NNPCL) on President Bola Ahmed Tinubu and his predecessors, Muhammadu Buhari and Olusegun Obasanjo.

In an interview on Monday, TI Nigeria Country Director, Auwal Rafsanjani, pointed to a long-standing pattern of unaccountability in the NNPCL, exacerbated by presidents who also serve as petroleum ministers.

This follows a damning World Bank Nigeria Development Update report, which revealed that NNPCL failed to remit N500 billion to the Federation Account for October and December 2024.

The report indicated that of the N1.1 trillion generated from crude oil sales and other income in 2024, only N600 billion was remitted, leaving a significant shortfall.

The revelations have reignited concerns about persistent opacity and alleged corruption in the country’s oil sector. The International Monetary Fund (IMF) recently echoed similar concerns, urging greater transparency in the management of fuel subsidy savings.

The Socio-Economic Rights and Accountability Project (SERAP) has also called for an extensive probe into the unremitted N500 billion.

Rafsanjani stressed that the rot in NNPCL predates Mele Kyari’s tenure as Group Chief Executive Officer and argued that any investigation must cover the company’s financial activities dating back to 1999.

He also criticized the National Assembly for failing in its oversight duties and warned against the continued practice of Nigerian presidents appointing themselves as petroleum ministers, which he believes undermines accountability and good governance.

“The need to carry out a comprehensive audit of NNPCL is necessary to ascertain the level of financial transactions under Mele Kyari and other leadership of NNPCL.

“If we want to have a comprehensive audit to know all the missing money lost from 1999 to date, it is only a thorough audit that will ascertain this. It is not only Mele Kyari, but it has to be comprehensive.

“All these happened under the president, who is the substantive petroleum minister. The president is responsible. Whether Buhari, Tinubu, or Obasanjo. That is why we have advocated for a substantive minister of petroleum.

“They must stop appointing themselves as ministers of petroleum. This showed that the National Assembly is not carrying out its oversight function. So it is a shame. The indictment should be to the president and the National Assembly for the mess in NNPCL.

“The subsidy is not the problem, but the corruption in the process is. The missing money must be recovered and used for the good of all Nigerians,” he said.