Atiku Declares NNPCL Cesspit Of Corruption, “Layers of Deceit”

The 2023 Presidential candidate of the Peoples Democratic party, PDP, Atiku Abubakar has slammed the lack of transparency in the government controlled oil firm, the Nigerian National Petroleum Corporation, NNPCL.

The former vice president said on Sunday via his media aide Phrank Shaibu that the oil corporation has become highly corrupt in the manner it has managed its finances.

“What has become of these fictitious or phantom profits you once proudly proclaimed? Layers of deceit and lack of transparency have brought you to this unfortunate juncture,” Atiku posted on  X.

Atiku’s remark comes amids the acure fule scarcity ij the country, and the call for the sack of the management of the company led by Mallam Abba Kyari for failure to end the crisis.

Not a few Nigerians have slammed the NNPCL for corruption, and its failure to manage the nation’s oil and gas  resources has come under serious scrutiny in the last few moths.

Amidst the call for the sack of the management of the company , the federal government, last week, gave an indication that it will soon probe the state-owned oil behemoth.

Reacting to the NNPCL statement that it could not pay petrol suppliers a whopping debt of $6 billion Abubalar said NNPCL has become a ‘layer of deceit’ uring the federal government to list the company on the Nigerian Stock Exchange (NGX) to make it profitable.

The admission that NNPCL could no longer pay its debts to marketers was made by Olufemi Soneye, its Chief Communications Officer, a situation analysts say highlights the current serious fiancial strain on the part of the oil company.

The develoment also contradicts the recent disclosure by the compnay that it recorded a Net profit of over N3 trillion in  the 2023 financial year, energey experts told the magazine.

Recall also that the NNPCL had recently informed the president that it could no loger remit funds into the federation Account because  it has been overwhelmed by the cost of subsidy payment which has put ahol ein its finances.

While making it 2023 Financial statement publci last week, the NNPCL declared  a net profit of N3.297 trillion, an increase of over N700 billion, or 28 percent compared to the 2022 figures.

The company said the mileage was possible due to the resilience of its management despite the current economic headwinds.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Umar Ajiya, the Chief Financial Officer of the company said.