Oshiomhole: Reckless Attacks on NNPC Could Hurt Nigeria’s Investment Drive, Energy Expert Warns
- Energy correspondent Dr Adeyemi Adegbola has warned that unverified allegations against NNPC could harm Nigeria's investment image and discourage foreign capital
- He argued that debates surrounding the national oil company should be driven by evidence, due process and transparent investigations
- Adegbola also said investor confidence will become increasingly important as NNPC pursues reforms and prepares for possible future capital market activities
Abuja, FCT - International energy correspondent Dr Adeyemi Adegbola has warned that unverified allegations against the Nigerian National Petroleum Company Limited (NNPC Ltd) could damage Nigeria’s investment reputation at a time when the state-owned energy company is positioning itself for greater engagement with international capital markets.
In an op-ed made available to Legit.ng, Adegbola argued that recent comments directed at NNPC by Senator Adams Oshiomhole risk creating negative perceptions about Nigeria among foreign investors and international financial institutions.
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Recall that the Senate committee ordered the arrest of Mele Kyari, former GCEO of the NNPCL, over his alleged repeated failure to honour invitations in an ongoing probe of the company’s finances. Backing the move, Oshiomhole urged the committee to enforce its authority.
“Some people believe they are bigger than Nigeria. The law must be effective when it catches the lion, not only when it catches the rabbit,” Oshiomhole said.
“Bring Mele Kyari here, dead or alive. Even if he is dead, we want to see the body, and he will account.
“These are allegations involving trillions of naira at a time Nigerians are suffering, and the country is borrowing heavily. His responsibility is to account for his actions as MD. He can’t be represented in that capacity.
NNPC vs Oshimhole: Focus should be on facts, not rhetoric
Adegbola's intervention follows recent exchanges at the Senate Public Accounts Committee over audit queries relating to NNPC's operations between 2017 and 2023.
The decision came as lawmakers intensified scrutiny of the company’s audit reports covering the period from 2017 to 2023, which reportedly contain unresolved financial entries and discrepancies valued at over N210 trillion.
The audit queries were forwarded to the committee by the office of the Auditor-General of the Federation.
The energy analyst argued that public discussions about alleged financial discrepancies should be guided by verifiable evidence rather than political rhetoric.
He cited testimony by former NNPC Chief Financial Officer Umar Ajiya before lawmakers, noting that the retired executive disputed figures suggesting that hundreds of trillions of naira were unaccounted for and maintained that the company's records did not support such claims.
According to Adegbola, Ajiya's call for forensic investigations by relevant anti-corruption agencies demonstrated the need for fact-based scrutiny rather than conclusions reached before investigations are completed.
He wrote:
"The committee had summoned Umar Ajiya, NNPC’s former Chief Financial Officer, a man of impeccable professional standing who retired meritoriously a little over a year ago. In his testimony, Ajiya did not mince words. He put to bed the ludicrous figure of N210 trillion that some senators have been bandying about. According to Ajiya, the total revenue earned by NNPC during the entire period in question (2017 to 2023) was N54.5 trillion.
"So how can N210 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 spent N2.9 billion, not N5.8 billion, to complete its registration with the CAC and FIRS (two government agencies, no third parties)."
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Senate's response highlights due process
The commentator also pointed to the Senate's decision to distance itself from remarks made during the committee proceedings.
He noted that several lawmakers emphasised due process, fair hearing and the need to avoid statements capable of prejudicing ongoing reviews or damaging the reputation of individuals and institutions without judicial findings.
According to Adegbola, the Senate's intervention underscored the importance of protecting both accountability mechanisms and the constitutional rights of those under investigation.
He wrote:
"Senate Leader Opeyemi Bamidele condemned the remarks (by Oshimhole) as “an unwarranted attack on the character of public officers”. The Senate declared that the remarks “do not represent the official position, resolution, finding or determination of the Senate as an institution”. High ranking legislators, including Deputy Senate President Barau Jibrin and Senate Minority Leader Abba Moro, 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."
Investor confidence at stake
Adegbola stressed the potential economic cost of public allegations that are not backed by evidence. He argued that international investors, lenders and rating agencies closely monitor political and institutional developments in countries where they plan to invest.
According to him, claims that later prove inaccurate can nevertheless influence perceptions about governance, transparency and investment risk.
Adegbola warned that Nigeria's energy sector remains central to the country's economic future and that confidence in key institutions is critical for attracting capital needed for major projects.
IPO plans bring greater scrutiny
The energy correspondent noted that NNPC is pursuing reforms that could culminate in a future Initial Public Offering (IPO), a process that would expose the company to extensive scrutiny from international investors.
He argued that as the company moves closer to potential listing ambitions, public debate surrounding its operations should be grounded in evidence and established legal processes.
According to Adegbola, investors assessing Nigeria's energy sector will pay attention not only to financial statements but also to the broader political and regulatory environment.
"The senator from Edo North (Oshiomhole) may have forgotten that NNPC is 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," he wrote.
Adegbola calls for responsible public discourse
While acknowledging the importance of legislative oversight and public accountability, Adegbola urged political leaders and public officials to exercise caution when making allegations against strategic national institutions.
He maintained that transparency and scrutiny are essential for good governance, but argued that accusations should be substantiated through investigations and due process.
"The issue goes beyond personalities," Adegbola wrote, arguing that the ultimate concern should be Nigeria's ability to attract investment, create jobs and strengthen confidence in its institutions.
Senate Probe: Ex-NNPC boss Kyari reacts to arrest order
Meanwhile, Kyari has reacted to the Senate's order to the security agencies to arrest him over the ongoing investigation into the company's financial records from his time in office.
The Senate Committee on Public Accounts issued the order against the former NNPCL boss during its hearing on the matter on Wednesday, June 10, a decision Kyari described as "deeply shocking".
In a letter addressed to the Chairman of the Senate Committee on Public Accounts, Kyari explained that he had previously informed the committee of his inability to appear before it due to medical treatment abroad.
Source: Legit.ng
