NNPC has come under fire over board’s alleged decision to embark on Kigali Luxury Retreat amid senate probe of missing ₦210 trillion.
In a development that has sparked widespread outrage, the Board of the Nigerian National Petroleum Company Limited (NNPC Ltd.) is reportedly preparing for a luxury retreat in Kigali, Rwanda, just days after the Nigerian Senate raised the alarm over financial discrepancies totaling more than ₦210 trillion in the company’s audited accounts.
According to an exclusive report by SaharaReporters, no fewer than five private jets have been arranged to ferry NNPC board members and senior executives to the Rwandan capital for the getaway. Sources say the trip is being coordinated by Abdullahi Bashir-Haske, founder of AA & R Investment Group and son-in-law to former Vice President Atiku Abubakar.
The retreat is expected to take place at the upscale Kigali Marriott Hotel, which SaharaReporters learned has been entirely booked for the NNPC delegation. The board is led by Chairman Ahmadu Musa Kida and Group Chief Executive Officer (GCEO) Bayo Ojulari.
Lavish Escape Amidst Scandal
The timing of the luxury retreat has drawn criticism from many quarters, given that it coincides with mounting scrutiny from the Senate over troubling irregularities in NNPC’s financial disclosures.
Rather than engage transparently with lawmakers and the Nigerian public, the company’s leadership appears to have opted for a high-end getaway far from the spotlight. A top source familiar with the trip told SaharaReporters:
“Instead of addressing serious allegations brought forth by the Nigerian Senate regarding its audited accounts, the NNPC board and its leadership are preparing to travel to Kigali, Rwanda, on Friday on five private jets arranged by the son-in-law of former Vice President Atiku Abubakar.”
Critics say the retreat is less about strategy and more about self-indulgence, especially as Nigeria battles economic turmoil, mounting debt, and spiraling inflation, all worsened by the NNPC’s long-standing reputation for opacity and mismanagement.
Private Jets, Public Burden
Four out of the five private jets for the trip are reportedly being provided by Bashir-Haske, who has ties to high-level political and business circles. His firm, AA & R Investment Group, has previously been linked to oil bloc allocations in the Nigerian energy sector.
When contacted by SaharaReporters, Bashir-Haske declined to respond directly, instead sending an intermediary who denied any involvement with private jets or the NNPC retreat. The intermediary also urged SaharaReporters not to publish the story but could not provide concrete clarifications when pressed.
The Kigali Marriott Hotel, where the retreat will be held, features luxury amenities such as a full-service spa, gourmet dining, and sweeping views of Rwanda’s hilly capital. Room rates average around $320 per night, with top-tier suites costing as much as $3,794. With board members, aides, and logistics staff in tow, the trip’s total cost could run into hundreds of thousands of dollars—funded by a company under intense financial scrutiny.
Senate Demands Answers
Just this week, the Senate Committee on Public Accounts grilled top NNPC officials over inconsistencies in their audited statements spanning from 2017 to 2023. The committee uncovered a staggering ₦103 trillion in accrued expenses, including questionable entries such as ₦600 billion in “retention fees,” unspecified legal costs, and unexplained auditor charges.
Another ₦103 trillion was flagged under “receivables,” with figures that sharply contradicted data in previously released financial documents. Lawmakers were shocked to receive a last-minute revised report that failed to match earlier disclosures—raising further concerns about the company’s credibility.
Committee chairman, Senator Aliyu Wadada, condemned the discrepancies:
“Trillions of naira are in question. The numbers are inconsistent and, frankly, alarming. These are not minor errors—they speak to a systemic lack of transparency.”
Wadada emphasized that while the Senate is not conducting a witch-hunt, the scale of the irregularities demands full accountability. He also questioned the logic of finalizing and publishing audited reports while key reconciliation processes were still ongoing.
“How do you proceed to finalize accounts when figures are still being debated internally? That alone undermines trust in Nigeria’s financial reporting systems.”
Discrepancies Between NNPC and Subsidiaries
In another shocking revelation, the Senate found that between 2017 and 2021, the National Petroleum Investment Management Services (NAPIMS), a key NNPC subsidiary, declared profits of ₦9 trillion—while the parent company itself reported a ₦16 billion loss over the same period.
“How can a subsidiary post trillions in profit while the main company sinks into losses? That defies logic,” Senator Wadada noted.
The committee has issued a one-week ultimatum to NNPC to respond to 11 specific queries regarding its financial statements. Lawmakers insist that this investigation is critical to restoring financial integrity, especially as the country considers major oil-sector reforms and the potential Initial Public Offering (IPO) of NNPCL.
Public Backlash Grows
Attempts by SaharaReporters to reach NNPC’s Chief Corporate Communications Officer, Femi Soneye, were unsuccessful. He did not answer calls or respond to messages.
As public frustration mounts, the retreat has come to symbolize the disconnect between Nigeria’s economic challenges and the elite lifestyle of those tasked with managing the nation’s most strategic assets. One industry expert who spoke anonymously told SaharaReporters:
“If this were about strategy or reform, they could’ve met in Abuja—or even online. Kigali was chosen for one reason: luxury.”
In a country where millions are grappling with hardship, surging fuel prices, and a collapsing power sector, the image of NNPC executives flying private jets to East Africa for an extravagant retreat may further deepen public distrust in the government’s handling of national resources.
