NNPCL: Phantom claims and a nation in need of foreign investments, By Adeyemi Adegbola

The figure is mathematically impossible and is not supported by any cash flow records.

Senator Adamu Aliero, former Kebbi State governor, described the statement as “reckless” and argued that it could damage Nigeria’s investment image internationally, noting that “The NNPC is the cash cow of this country. Such reckless statements could damage Nigeria’s investment image internationally”. That is actually the nub of the matter.

Senator Adams Oshiomhole clearly has an axe to grind with NNPC Ltd. The former labour leader, who cut his teeth as staffer in a textile mill, now sits in the Senate. From that perch, he has declared the Nigerian National Petroleum Company Limited “a bunch of criminals and thieves.” I believe this was a comment driven more by political sentiments than the reality on the ground.

More importantly, we all need to be a lot more circumspect in impugning the integrity and reputation of public institutions that our commonwealth depends on, without the benefit of all the information on issues involved. As this appears driven by issues other than truth-finding.

Even at that, it is quite heartwarming to see that the Senate has formally dissociated itself from Oshiomhole’s comments. On Thursday, 11 June, the upper legislative chamber, through a motion sponsored by Senate Leader Opeyemi Bamidele, condemned the remarks as “an unwarranted attack on the character of public officers”. The Senate went ahead to declare that the remarks “do not represent the official position, resolution, finding or determination of the Senate as an institution.”  

Ranking legislators, including Deputy Senate President Barau Jibrin and Senate Minority Leader Abba Moro, also cautioned the former Edo State governor against “making defamatory remarks that could undermine the integrity of public institutions”. Several colleagues demanded that Oshiomhole publicly withdraw his statement. In other words, even Oshiomhole’s colleagues could not stomach this sort of conduct.

To backtrack, the Senate committee had summoned Umar Ajiya, NNPC’s former Chief Financial Officer, during whose testimony, he put to rest the highly unrealistic the figure of a missing ₦210 trillion that some senators had been bandying about. According to Ajiya, the total revenue earned by NNPC during the entire period in question (2017 to 2023) was ₦54.5 trillion. So how can ₦210 trillion be missing?

The figure is mathematically impossible and is not supported by any cash flow records. As Ajiya explained, the alleged “missing” sum is nearly four times the entire revenue earned. He even revealed that the company actually spent ₦2.9 billion, not ₦5.8 billion, to complete its registration with the CAC and FIRS (two government agencies, and no third parties). He then threw down a gauntlet: call the EFCC and the NFIU to conduct a forensic investigation, and arrest and jail anyone found guilty. That does not sound like the language of a thief, or someone who has something to hide.

Many Nigerians, some lawmakers among them, prefer sound bites over substance. Rather than intelligently review audit queries, they play to the gallery. Also, the subsequent Senate plenary made it abundantly clear that no committee possesses the independent authority to issue or execute an arrest warrant without the express approval of the Senate President. Senate Leader Opeyemi Bamidele warned: “The power to issue a warrant affecting the liberty of a citizen is an extraordinary statutory power which must be exercised strictly in accordance with the procedure prescribed by law.” He further stated: “The constitutional doctrine of fair hearing and the presumption of innocence require that no person or institution be adjudged guilty, except by a court of competent jurisdiction after due process of law”.

Senator Mohammed Tahir Monguno described the motion as a necessary intervention to preserve the credibility of the legislature, noting that it would be “contradictory for lawmakers to make laws for national governance while simultaneously violating those same laws.” Senator Abba Moro emphasised that: “We should not make statements that seek to impugn the character of public officers or individuals in society”.

While it is very easy to call out others for purported wrongdoing, one should equally be sure of living above board before doing so. Some of those making claims about NNPC’s leadership have not shown the best of judgment in their public acts of engaging in physical altercations with airline and airport staff, while obstructing other passengers in the process. This was a conduct unbecoming of a senior citizen and ranking politician. There are also other allegations of graft and official corruption, which have not been discharged through the judicial process, in addition to serious indecency in public utterances, including a highly insensitive remark that mocked a childless couple, just because of political disagreement. All these speak to a pattern of morally challenged conduct.  

However, in his defence before the Senate plenary, Oshiomhole claimed that his comments were made under provocation. “I acted under provocation because distinguished members were being attacked without any proof of the allegations being made,” he said. “If it is the view of the Senate that I should apologise, I have no problem with that”. He insisted he was merely defending the integrity of the Senate and its members.

But his colleagues were not convinced. Senator Adamu Aliero, former Kebbi State governor, described the statement as “reckless” and argued that it could damage Nigeria’s investment image internationally, noting that “The NNPC is the cash cow of this country. Such reckless statements could damage Nigeria’s investment image internationally”. That is actually the nub of the matter. Senator Aliero is absolutely right.

Beyond public umbrage, however, lies a far more urgent matter. Umar Ajiya warned that unverified allegations damage not just individuals but the entire nation. He said that unfounded claims do real damage. International rating agencies use public information to assess countries. When inaccurate figures circulate without verification, it can affect perceptions and even influence financing decisions. He recalled how an unpatriotic Nigerian once wrote a petition to the Chinese government, which stalled a $2.5 billion loan for the AKK gas pipeline project. That project remains incomplete because of this sort of behaviour.

NNPC Ltd is now preparing for an Initial Public Offering (IPO), with plans to list on leading international exchanges, including New York and London. As the company moves towards an IPO, foreign investors will scrutinise not only its books but also the media and political environment in which it operates. A word, they say, is enough for the wise. Senator Oshiomhole would do well to remember that every comment made still echoes long after the cameras have been switched off. And that could be a great disservice if such comment turns out to be untrue. Our children will all live with the consequences of what we do today. Nigeria’s prosperity is tied to that of NNPCL and the senator from Edo North should not forget that the oil company remains the cash cow of this country. Those who wish to slaughter the cow should not be surprised when there is no milk left for their own children.

Adeyemi Adegbola is an international energy correspondent. He writes from Abuja.