Transparency International Slams Tinubu, Buhari, Obasanjo Over NNPCL’s ₦500 Billion Revenue Gap

Transparency International Nigeria (TI Nigeria) has delivered a scathing critique of Nigeria’s long-standing oil revenue mismanagement, holding President Bola Tinubu and his predecessors, Muhammadu Buhari and Olusegun Obasanjo, responsible for enabling systemic financial fraud within the Nigerian National Petroleum Company Limited (NNPCL). The revelation follows a damning World Bank Nigeria Development Update (NDU) report, which disclosed that NNPCL failed to remit ₦500 billion in crude oil revenue to the Federation Account between October and December 2024.

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TI Nigeria’s country director, Auwal Musa Rafsanjani, voiced these concerns during a Monday interview with Daily Post. Rafsanjani emphasized that the rot within the NNPCL spans decades, implicating both former and current administrations for their failure to ensure transparency and financial discipline in Nigeria’s largest state-owned enterprise.

Massive Revenue Discrepancies Spark National Outcry

The World Bank report revealed that NNPCL generated ₦1.1 trillion from crude sales and related income in the last quarter of 2024 but only remitted ₦600 billion, leaving a deficit of ₦500 billion. This alarming figure has reignited public discourse around accountability and corruption in the oil sector. In alignment with these concerns, the International Monetary Fund (IMF) has also demanded clearer and more accountable management of fuel subsidy savings by NNPCL.

In response to these revelations, civil society organizations such as the Socio-Economic Rights and Accountability Project (SERAP) have intensified calls for a detailed investigation into the financial operations of NNPCL. TI Nigeria insists that the problem is systemic and deeply rooted in presidential interference and a lack of institutional checks and balances.

Presidential Roles in Petroleum Ministry Under Fire

Rafsanjani criticized the pattern of Nigerian presidents appointing themselves as ministers of petroleum — a trend seen under Obasanjo, Buhari, and now Tinubu — arguing that such concentration of power prevents meaningful oversight and fosters unaccountability.

“The president is the one who has been the substantive petroleum minister… This is why I have always advocated for an independent, substantive minister of petroleum,” Rafsanjani stated. “The National Assembly has also failed in its oversight duties, enabling this gross financial mismanagement.”

He called for a forensic audit of NNPCL operations dating back to 1999, stressing that accountability must extend beyond former Group Managing Director Mele Kyari to include all past executives and political enablers.

Subsidy Not the Problem—Corruption Is

Contrary to some narratives blaming fuel subsidies for fiscal instability, Rafsanjani pointed out that the core issue lies in the corrupt implementation of subsidy policies. “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 asserted.

This position echoes a broader concern that subsidies, when poorly managed, become conduits for massive fraud and revenue loss.

Energy Expert Supports Audit, Raises New Questions

Adding weight to TI Nigeria’s stance, energy analyst and BBH Consulting Managing Partner, Ameh Madaki, stated that the issues within NNPCL extend beyond the recent ₦500 billion revenue gap. He called for an extensive probe into the corporation’s opaque financial dealings and questioned the fate of a $3.3 billion loan taken by NNPCL to stabilize the naira through oil futures sales.

“What was done with the money when the currency still went into a disgraceful free fall?” Madaki asked. “NNPCL has operated like a black box for too long. Even during Buhari’s second term, NNPCL did not remit any funds to the Federation Account, claiming they would only remit profits after tax—yet nobody was held accountable.”

Madaki criticized the continued acceptance of such practices, highlighting how state and local governments suffered financially due to zero remittances, while federal authorities remained silent.

Time for Change Under New NNPCL Leadership

Looking ahead, both Rafsanjani and Madaki placed hope in the current leadership of NNPCL, led by newly appointed Group CEO Bayo Ojulari. Madaki described Ojulari as “a square peg in a square hole” and urged him to cleanse the organization of its longstanding culture of secrecy.

“For Nigerians to benefit from the enormous resources managed by NNPCL, Ojulari must open the books and dismantle the web of financial opacity that has protected years of mismanagement,” Madaki concluded.

A Moment for Institutional Reform

The renewed focus on NNPCL’s fiscal conduct, especially after the World Bank’s damning findings, has once again thrust Nigeria’s oil sector into the global spotlight. With accusations stretching across successive administrations and billions of naira allegedly lost in unremitted revenue, stakeholders are calling for swift institutional reforms.

TI Nigeria’s call for a historic audit and an end to presidential self-appointments in the petroleum ministry reflects a growing consensus: without transparency and genuine accountability, the NNPCL will continue to be a drain rather than a driver of national development.