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A bombshell has rocked Nigeria’s oil industry as the Nigerian National Petroleum Company Limited (NNPC Limited) demands N4.56 trillion from the Federal Account Allocation Committee (FAAC) for subsidizing petrol between August 2023 and June 2024. This shocking revelation has sparked outrage and raised questions about the company’s financial dealings.

The Conference of Nigeria Political Parties (CNPP) has condemned the move, citing the Federal Government’s repeated claims that there are no subsidy payments for petrol. “It’s absurd and unacceptable that NNPC Limited declared a net profit of N3.297 trillion in 2023 and yet claims to have incurred a subsidy expense of N4.56 trillion in just two months,” said Comrade James Ezema, CNPP’s Deputy National Publicity Secretary.

The CNPP is demanding answers from NNPC Limited, including how it arrived at the N4.56 trillion figure, the basis for the claim, and how the company can declare a net profit while incurring such a massive subsidy expense.

Furthermore, the CNPP is calling for an independent forensic audit of NNPC Limited, covering the period from 2020 to date, and the immediate suspension of Engr Mele Kyari, pending the outcome of the audit.

The controversy has also raised questions about NNPC Limited’s acquisition of OVH Energy Marketing (OVHEM), owner and operator of the Oando downstream assets. The CNPP is demanding to know the purchase price, parties involved, and whether due process was followed.

The CNPP suspects that NNPC Limited’s management is operating with impunity due to Mele Kyari’s strong ties with Oando, which is operated by Wale Tinubu, suspected to be a nephew of President Bola Tinubu.

The CNPP has vowed to mobilize civil society organizations for a showdown if their questions are not answered properly and has called on the National Assembly to investigate the allegations and hold those responsible accountable.