NNPCL Under Pressure Over Missing Funds
The Nigerian National Petroleum Company Limited is facing growing pressure after failing to properly explain how about $3.5bn meant for refinery rehabilitation was spent.
Concerns have continued to rise as the country’s refineries remain largely inactive despite years of repairs and repeated promises of improved production.
Questions over the funds have sparked calls for a full investigation into contracts linked to the rehabilitation projects at the Port Harcourt Refinery, Warri Refinery and Kaduna Refinery.
Critics said Nigerians deserve clear details on how the money was used and why fuel importation still dominates the sector.
Industry experts and civil society groups said the continued poor performance of the refineries has deepened doubts about transparency in the oil sector.
They argued that huge public funds have been committed over the years without visible improvement in local refining capacity.
Lawmakers are now pushing for a detailed audit of all refinery rehabilitation deals as pressure mounts on the management of the national oil company.
The controversy comes at a time Nigeria is battling rising energy costs and major reforms in the oil industry under President Bola Ahmed Tinubu.
