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Conference of Nigeria Political Parties (CNPP) has welcomed a move expected to be a significant development aimed at reforming Nigeria’s oil industry, commending President Bola Ahmed Tinubu for his decisive action in relieving Mele Kyari of his duties as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and the replacement of the company’s board members.

The CNPP in a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, described the President’s action as a courageous step toward restoring accountability, efficiency, and transparency in the management of Nigeria’s oil sector.

“For too long, Nigerians have endured the consequences of mismanagement, inefficiency, and allegations of large-scale corruption within NNPCL,” the CNPP stated. “This has contributed to severe economic hardships, including skyrocketing food prices driven by high transportation costs.”

While acknowledging the boldness of President Tinubu’s decision, the CNPP emphasized that replacing Kyari alone is insufficient to address the deep-rooted issues plaguing the oil sector. The organization reiterated its call for a comprehensive forensic audit of NNPCL’s operations under Kyari’s leadership, stating, “The Nigerian people deserve to know the true extent of mismanagement and possible financial irregularities that have taken place within the national oil company over the years.”

The CNPP highlighted several unresolved grave allegations against Kyari, including unauthorized gratuity payments, sabotage of local refineries, diversion of refinery rehabilitation funds, sale of stolen crude oil, and unaccounted oil revenues and subsidy payments. These allegations, according to the CNPP, underscore the urgent need for an independent forensic investigation into NNPCL’s accounts, operations, and crude oil sales records during Kyari’s tenure.

“The oil industry remains the backbone of Nigeria’s economy, and without urgent and radical reforms, the suffering of Nigerians will persist,” the CNPP warned. “Ensuring accountability in NNPCL is key to stabilizing the petroleum industry, improving fuel availability, reducing transportation costs, and ultimately lowering food prices.”

The CNPP called on President Tinubu to go beyond leadership changes and take decisive steps to cleanse the oil sector. It also urged anti-corruption agencies, civil society organizations, and the National Assembly to support the demand for a forensic audit to reposition NNPCL for the benefit of all Nigerians.
“The time to act is now!” the CNPP declared.

ABUJA BUSINESS REPORTS NEWSPAPER & MAGAZINE recalls that President Bola Ahmed Tinubu approved a sweeping reconstitution of the NNPC Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari.

The President also removed all other board members appointed with Akinyelure and Kyari in November 2023.

The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.

Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.

Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.

President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

A presidential spokesman, Bayo Onanuga, in a statement noted that all the appointments are effective today, April 2.

ABUJA BUSINESS REPORTS NEWSPAPER & MAGAZINE