…Evades probe
A report by the Auditor-General of the Federation (OAuGF) has implicated the Nigerian National Petroleum Company Limited (NNPCL), of fund misappropriation, revenue diversion of ₦2.68tr and $9.77m over four years.

According to audit reports submitted to the 10th National Assembly, the findings also reveal widespread financial irregularities and disregard for transparency.
Key infractions highlighted include: unauthorised deductions of ₦1.33 trillion in 2017, ₦681 billion in 2019, ₦151 billion in 2020, and ₦514 billion in 2021. Violations of the Constitution and Financial Regulations were noted, with NNPCL failing to justify its actions, or address audit concerns.
The reports flagged issues like incomplete disclosures of crude oil allocations, discrepancies in remittances, and unapproved deductions for projects and operational costs. In 2021 alone, ₦343.64 billion was deducted as “operational costs” without detailed explanations.

Critics, including civil society groups, accuse NNPCL of institutional corruption and evading accountability, with calls for sanctions. The Civil Society Legislative Advocacy Centre, (CISLAC), and Centre for Anti-Corruption and Open Leadership have blamed weak oversight by the Presidency, the National Assembly, and security agencies for the opacity surrounding NNPCL operations.
Despite reforms under the Petroleum Industry Act, NNPCL remains mired in allegations of corruption and mismanagement, with mounting calls for transparency and accountability in the nation’s oil sector.