Tinubu, Buhari, Obasanjo Under Fire Over Unaccounted N500bn NNPCL Funds

Tinubu, Buhari and Obasanjo are under fire over unaccounted N500bn NNPCL funds.

 

NewsOnline Nigeria reports that Transparency International Nigeria has held President Bola Ahmed Tinubu and former Presidents Muhammadu Buhari and Olusegun Obasanjo accountable for years of financial mismanagement and unremitted funds in the Nigerian National Petroleum Company Limited (NNPCL).

 

In an exclusive interview with DAILY POST, Auwal Rafsanjani, Country Director of Transparency International Nigeria, criticized successive Nigerian presidents for presiding over NNPCL’s financial irregularities and lack of transparency.

This comes in the wake of a recent World Bank Nigeria Development Update (NDU) report, which revealed that the state-owned oil company failed to remit N500 billion in crude oil revenue to the Federation Account between October and December 2024. According to the report, out of N1.1 trillion generated from crude oil sales and other revenues during the period, only N600 billion was remitted.

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The missing funds have reignited concerns about corruption and opacity in NNPCL’s operations. The International Monetary Fund (IMF) also recently emphasized the need for greater transparency in the management of fuel subsidy savings by the company.

On Sunday, the Socio-Economic Rights and Accountability Project (SERAP) joined the growing calls for a thorough investigation into the missing funds.

Despite the ongoing financial controversies, NewsOnline Nigeria notes that the lack of transparency at NNPCL has persisted even though Nigeria’s president also serves as the substantive Minister of Petroleum. Since 1999, three of the five presidents; Obasanjo, Buhari, and Tinubu have held this dual role.

Rafsanjani: Presidents, National Assembly to Blame

 

Rafsanjani argued that the root of the problem lies not just with NNPCL’s former CEO Mele Kyari, but with a broader lack of accountability spanning multiple administrations. He called for a comprehensive audit of NNPCL’s finances going back to 1999.

“If we want to know all the missing money from 1999 to date, only a thorough audit will reveal the full extent. It’s not just Mele Kyari—it must be a comprehensive investigation,” Rafsanjani stated.

He also criticized the National Assembly for failing to perform its oversight duties and condemned the practice of presidents appointing themselves as petroleum ministers.

“The president, as petroleum minister, must be held accountable. This includes Obasanjo, Buhari, and Tinubu. We have consistently advocated for the appointment of a dedicated minister of petroleum. It’s shameful that the National Assembly has allowed this to continue unchecked,” he added.

Energy Expert: NNPCL Probe Long Overdue

Barr. Ameh Madaki, energy expert and Managing Partner at BBH Consulting, also weighed in, saying that the call for a full audit of NNPCL is long overdue.

“The investigation must go beyond the N500 billion flagged by the World Bank. NNPCL’s operations have remained opaque for years, enabling massive fraud,” Madaki said.

He cited past instances, including NNPCL’s $3.3 billion loan for crude oil futures aimed at stabilizing the naira, questioning what happened to the funds when the currency plummeted.

“During Buhari’s second term, NNPCL didn’t remit anything to the Federation Account, claiming it had become a limited liability company. This left states and local governments in financial crisis—and no one was held accountable,” he added.

Madaki urged newly appointed GCEO Bayo Ojulari to lead the charge in reforming NNPCL and ending its long history of secrecy.

“Ojulari must act decisively and ensure that Nigerians finally benefit from having a national oil company,” he said.

Growing Calls for Mele Kyari’s Probe

The missing N500 billion has intensified demands for the probe of Mele Kyari, who was dismissed on April 2, 2025, alongside other NNPCL board members amid growing dissatisfaction with their performance.

While Kyari had announced the commencement of petroleum production at the Port Harcourt and Warri refineries late last year, the true capacity and output remain unclear. His exit has further fueled civil society calls for accountability regarding his tenure.