A wave of public outrage over alleged mismanagement within the Nigerian National Petroleum Company Limited (NNPCL) has reached a boiling point, as a coalition of civil society groups on Tuesday demanded a full-scale probe into the tenure of former NNPCL Group Chief Executive Officer, Mele Kyari.
The protesters, under the umbrella of Concerned Citizens Against Corruption (CCAC), marched to the office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), urging him to initiate a judicial investigation into the NNPCL’s financial dealings over the last five years. The protest was sparked by a growing controversy surrounding a $2 billion crude-for-loan debt allegedly owed to Matrix Energy, which is reportedly being serviced through daily crude allocations without clear public accountability.
According to CCAC’s convener, Kabir Matazu, the removal of Kyari and the entire NNPCL board by President Bola Tinubu on April 2, 2025, was a welcome move but falls short of delivering true accountability.
“It is not enough to remove Kyari. Nigerians deserve to know what happened under his leadership. The allegations of financial irregularities and lack of transparency must be investigated to the fullest extent,” Matazu stated.
The group cited multiple concerns, particularly the alleged mismanagement of billions of dollars allocated for refinery rehabilitation, with no verifiable results. One of the key points raised was the contradictory claims surrounding the Port Harcourt Refinery: While the Federal Executive Council had approved $1.5 billion for its rehabilitation, NNPCL under Kyari claimed Matrix Energy had invested $400 million in the same facility—raising questions over financial duplication and mismanagement.
Even more alarming to the group was the revelation that NNPCL is indebted to Matrix Energy to the tune of over $2 billion, a debt that is being serviced by daily allocations of crude oil instead of direct monetary payments.
“This arrangement reeks of secrecy and lacks oversight. How did Matrix Energy come to be owed $2 billion? Who approved the daily crude allocations as repayment? The public must know the details of this transaction,” Matazu said.
The group is demanding that the Attorney General immediately initiate a judicial review of all agreements entered into by NNPCL under Kyari’s leadership. They argue that such a review is necessary not only to expose any wrongdoing but to help recover public funds, especially amid Nigeria’s current economic challenges.
“We cannot afford to sweep this under the rug. A thorough investigation will not only ensure justice is served but also help prevent future abuses. Public resources must be protected,” the group said in a statement.
This protest follows increasing pressure on the federal government to hold public officials accountable, especially in the oil and gas sector, which remains Nigeria’s most critical revenue stream. Transparency advocates have long criticized the NNPCL for operating behind closed doors, particularly in its dealings with private entities.
Analysts say the crude-for-loan arrangement, if true, could be one of the most significant financial liabilities the current administration inherits, and its opaque nature only worsens public distrust.
The CCAC has vowed to continue mobilizing citizens until a full investigation is launched, insisting that justice and transparency must prevail in Nigeria’s oil sector.