By Osazee Ofo Polo
The Nigerian National Petroleum Corporation (NNPC) now NNPCL remains one of the most secretive and controversial government institutions in Nigeria. Despite the billions of dollars it generates annually from crude oil Nigeria’s most valuable resource- the company’s financial operations remain murky, opaque, and unaccountable.
It is no longer news that the NNPCL has become a black hole where national revenue disappears without trace or consequence. Year after year, oil proceeds are mismanaged, misappropriated, or outrightly looted.
Billions of dollars are unaccounted for, swallowed by what can only be described as institutionalized corruption.
The situation has grown dire. NNPCL’s unchecked operations are now a significant contributor to Nigeria’s economic woes; a nation rich in oil but poor in accountability. Oil theft, unremitted funds, inflated contracts, and fraudulent offshore transactions have plunged the economy into a state of crisis, driving inflation, increasing debt, and weakening the naira.
Where is the accountability? Who is auditing NNPCL? Where are the annual reports? these are questions that millions of Nigerians deserve answers to.
The current lack of transparency poses not only an economic threat but also a grave security risk. When public funds disappear, critical sectors like education, healthcare, infrastructure, and national security suffer. It fuels unemployment, hunger, and youth restiveness, breeding the perfect conditions for crime, terrorism, and national instability.
We call on the Federal Government of Nigeria to immediately engage the services of independent private auditors of international reputation to conduct a yearly forensic audit of the NNPCL. This should not be a one-time event, but a constitutional requirement complete with public disclosure of findings, recommendations, and legal consequences for breaches and fraud.
The time for excuses is over. The NNPCL must no longer be allowed to operate like a state within a state. If Nigeria is serious about fighting corruption, strengthening its economy, and restoring public trust, it must start by cleaning up the rot in the NNPCL and that begins with transparency, audit, and accountability.
