A South-South-based youth organisation, the South South Youths Initiative (SSYI), has called on the federal Government, through the Economic and Financial Crimes Commission (EFCC), to investigate former management of the Nigerian National Petroleum Company Limited (NNPCL), alleging mismanagement of funds allocated for the rehabilitation of the Port Harcourt Refinery.
The group also expressed support for the ongoing Senate Public Accounts Committee probe into alleged financial discrepancies in NNPCL’s audited financial statements covering 2017 to 2023.
In a statement signed by its national president, Comrade Imeabe Saviour Oscar, the group, in a petition, urged the EFCC, the Department of State Services (DSS), and other anti-graft agencies to launch what it described as a comprehensive criminal investigation into former NNPCL Group chief executive officer, former executive vice president (Downstream), and other officials involved in the Port Harcourt Refinery rehabilitation project.
The group alleged that, despite reported expenditures of about $1.5 billion on the refinery’s rehabilitation, the facility had yet to become fully operational.
“We note that the NNPCL historically committed a staggering $1.5 billion for the rehabilitation of the Port Harcourt Refinery. Years after this colossal sum was approved and injected into the project, the refinery remains dead, non-functional, and incapable of refining a single drop of crude oil,” the statement said.
The group further claimed that continued delays in the refinery’s operation raised questions about the utilisation of the rehabilitation funds, while also referencing a loan secured during the administration of former President Muhammadu Buhari for the project.
According to the group, crude oil production from the Niger Delta was being used to service the financing arrangement for the refinery.
The statement further said, “What this means is that we are using crude oil from the Niger Delta to repay loans for a non-functional refinery till 2029.”
The organisation called on former NNPCL executives to account for the decisions they took during their tenure.
The group also endorsed the Senate’s ongoing investigation into NNPCL’s financial records and commended Senator Adams Oshiomhole for supporting the probe.
“We throw our unalloyed, maximum support behind Senator Adams Oshiomhole for his fearless, uncompromising stance against NNPCL’s deep-seated corruption,” the statement said.
The group further urged the EFCC, DSS and other relevant agencies to investigate and prosecute any officials found culpable over what it described as the refinery rehabilitation scandal and broader financial irregularities.
It argued that holding those responsible accountable would help address longstanding grievances in the Niger Delta.
