Energy consultants demand NNPCL CEO's resignation over spending secrecy

A coalition of energy consultants is calling for the immediate resignation of Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). The Association of Energy Policy and Development Consultants (AEPDC) accuses Ojulari's leadership of fostering secrecy, weak accountability, and eroding public trust in the management of Nigeria's oil resources.

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no responsible corporate entity should expect Nigerians to accept expenditures running into trillions of naira without comprehensive disclosures, measurable outcomes and independent accountability

The consultants highlighted significant financial figures from the company's 2024 records, which reportedly show total claims and under-recovery costs amounting to approximately 17.5 trillion naira. A substantial portion of this, about 7.13 trillion naira, is categorized under energy security and pipeline protection expenses.

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The Nigerian people deserve to know precisely what these enormous expenditures covered, who the contractors are, the procurement processes adopted, the duration of the contracts, the performance benchmarks, and the value delivered to the nation.

While acknowledging the necessity of securing critical oil and gas infrastructure, the AEPDC stressed that such vast expenditures, running into trillions of naira, cannot be accepted without comprehensive disclosures, measurable outcomes, and independent accountability. They argue that "energy security" should not serve as a blanket justification for concealing expenditures from public scrutiny, deeming such practices inconsistent with global corporate governance standards.

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Energy security cannot become a blanket description under which every expenditure is concealed from public scrutiny. Such an approach is inconsistent with globally accepted principles of corporate governance and transparency.

The association also expressed concern over the ongoing silence surrounding a joint investigative panel established by the National Assembly committees to examine these contracts and expenditures. They urged the legislature to conclude its investigation promptly and release its findings to the public to alleviate suspicions and ensure accountability. The consultants fear that opaque financial practices might be reintroducing subsidy-like obligations through indirect means.

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The silence surrounding this investigation only fuels public suspicion. Nigerians have every right to know whether the enormous sums claimed under energy security represent prudent investments or whether systemic weaknesses exist that require urgent corrective action.