Amid a deepening financial scandal, the Nigerian National Petroleum Company Limited (NNPCL) is reportedly planning a lavish retreat abroad for its top management team, raising fresh concerns about accountability and insensitivity to public outrage.
Earlier this week, the Senate issued a one-week ultimatum to the NNPCL to reconcile discrepancies in its financial records totaling over ₦210 trillion from 2017 to 2023. The directive came from the Senate Committee on Public Accounts, which is currently scrutinizing the audited financial statements of the company.
During a session in Abuja on Wednesday, the committee—chaired by Senator Aliyu Wadada—met with a delegation led by NNPCL’s Chief Financial Officer, Mr. Dapo Segun. Lawmakers raised concerns over numerous inconsistencies in the documents presented by the company, including conflicting financial figures.
A key area of concern was how National Petroleum Investment Management Services (NAPIMS), a subsidiary of NNPCL, reportedly declared a profit of ₦9 trillion between 2017 and 2021, while the NNPCL itself recorded a loss of ₦16 billion during the same period. The committee posed 11 critical questions, demanding clarification and transparency.
Instead of directly addressing these serious issues, NNPCL appears to be focusing on other priorities. A reliable source revealed to our correspondent that the company’s board and leadership have finalized plans for a retreat in Kigali, Rwanda on Friday.
“Rather than responding to the Senate’s queries, the NNPCL board is scheduled to depart for Kigali this Friday on five private jets allegedly arranged by a son-in-law of former Vice President Atiku Abubakar,” the source disclosed.
According to the source, the retreat will take place at an exclusive resort in the Kigali hills. The trip, led by board chairman Musa Kida, is being seen as an extravagant diversion at a time when the company is under intense scrutiny for years of alleged mismanagement and poor performance.
“This board seems completely disconnected from the economic hardships Nigerians are facing. Instead of focusing on reforming the NNPCL, they are indulging in luxury. It’s a disappointing situation. What is really happening to our country?” the source lamented.
Already the NNPCL’s advance party – protocol and legal department are already in Marriott, Kigali and the hotel rooms booked.
