Tinubu Urged to Review Allegations Against NNPCL Boss Ojulari, Explain ₦7.2tn Profit
- CPASJ urged Tinubu to order an independent review of NNPCL’s finances, refinery spending and management decisions
- The coalition questioned NNPCL’s reported ₦7.2 trillion profit despite lower revenue and sought details on sundry income
- CPASJ called for authorities to examine disputed allegations, stressing that no wrongdoing by Ojulari has been established
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The Coalition for Public Accountability and Social Justice (CPASJ) has called on President Bola Tinubu to order an independent review of allegations and governance concerns involving the Nigerian National Petroleum Company Limited (NNPCL) and its Group Chief Executive Officer, Bashir Bayo Ojulari.
The coalition said greater transparency was needed to address questions surrounding the company's financial performance, refinery rehabilitation expenditure and management decisions.
Source: Twitter
In a statement issued on Tuesday and signed by its National Coordinator, Lucas Yakubu, and National Spokesperson, Abimbola Oyeyemi, CPASJ urged the Presidency to provide clarity on the concerns raised.
Group questions NNPCL's ₦7.2 trillion profit
A major concern raised by the coalition was NNPCL's reported ₦7.2 trillion profit after tax for 2025, representing a 33 per cent increase from ₦5.4 trillion in 2024.
The group questioned how the company achieved higher profitability despite a reported 24 per cent decline in revenue to ₦34.5 trillion.
It also sought clarification on approximately ₦7.1 trillion reportedly recorded as sundry income, asking whether the amount reflected petroleum operations, asset disposals, accounting adjustments or other transactions.
CPASJ acknowledged NNPCL's explanation that operational efficiency and cost management contributed to improved profitability but requested more detailed financial disclosures.
The coalition called for a reconciliation of earnings, operating cash flow, dividend payments and remittances to the Federation Account.
Coalition seeks investigation into reported allegations
CPASJ also referenced previously published allegations concerning financial dealings involving businessman Abdullahi Bashir-Haske and a petition reportedly submitted to the Economic and Financial Crimes Commission (EFCC).
It urged the commission to clarify whether the petition had been investigated and whether its findings established any wrongdoing.
The coalition similarly cited allegations previously raised by the Oil and Gas Professionals Forum concerning possible conflicts of interest in oil-block allocations.
Acknowledging that the claims had been disputed, CPASJ requested independent verification of relevant licensing records and beneficial ownership information.
The allegations remain unproven in the material provided, and the coalition's demands do not constitute findings of misconduct against Ojulari or other individuals mentioned.
Refinery rehabilitation spending raises fresh questions
The group also sought explanations regarding expenditure on the rehabilitation of government-owned refineries, particularly the Port Harcourt Refinery.
It referred to Ojulari's reported disclosure that the facility was losing between ₦300 million and ₦500 million monthly before operations were suspended.
CPASJ requested details of rehabilitation expenditure, operational decisions and measures taken to protect public investments.
Source: Twitter
Tinubu urged to ensure independent review
The coalition urged President Tinubu to demonstrate his administration's commitment to accountability by commissioning an independent assessment of the concerns.
It also called on the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to examine any credible evidence of financial misconduct or conflicts of interest.
CPASJ said it could organise peaceful demonstrations alongside other civil society groups if the concerns remained unresolved.
The statement did not establish wrongdoing by Ojulari. Any conclusions would depend on verified evidence and findings by competent authorities.
Energy consultants retract call for Ojulari's removal
Legit.ng earlier reported that an energy consultancy group has withdrawn its demand for the removal of Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), saying its original position rested on an incomplete picture of the company's finances.
He said the group had reviewed additional documents and spoken with industry stakeholders after issuing its initial statement, and that what it found was substantially different from the account that had informed its earlier criticism.
Source: Legit.ng
