Amid intensifying public outrage and mounting legal pressure, Nigeria’s Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has pledged a full-scale investigation into the $2 billion crude-for-loan deal involving the Nigerian National Petroleum Company Limited (NNPCL) under the leadership of its former Group Chief Executive Officer, Mele Kyari.
The assurance came on Wednesday through Winifred Adekunle, a Deputy Director at the Federal Ministry of Justice, who addressed a coalition of protesting legal practitioners at the ministry’s headquarters in Abuja. The demonstrators, who have sustained protests for two consecutive days, submitted a formal petition calling for the immediate probe and possible prosecution of Kyari over alleged financial misconduct.
The protest, led by the Guardians of Democracy and Rule of Law, follows earlier agitation by the Concerned Citizens Against Corruption. Both groups are demanding transparency and accountability regarding the controversial crude-for-loan deal, which allegedly saw billions of dollars worth of crude oil exchanged under questionable terms.
In their petition dated April 23, 2025, the legal coalition accused Kyari of presiding over what they termed “a racket” during his tenure as NNPCL chief. According to the petition, Kyari’s leadership was characterized by opaque dealings, favoritism, and mismanagement of public funds meant for the rehabilitation of Nigeria’s moribund refineries.
Citing specific examples, the petitioners questioned the rationale behind Matrix Energy Limited’s reported $400 million investment in the Port Harcourt Refinery, despite the Federal Executive Council previously approving a separate $1.5 billion for the same project. They further alleged that the government currently owes Matrix Energy $2 billion—an obligation reportedly being serviced with daily allocations of 80,000 barrels of crude oil.
“Why is the Federal Government indebted to Matrix Energy? Who negotiated these transactions? Why is the public unaware of the terms?” the group queried.
They also demanded a comprehensive review of all agreements entered into under Kyari’s leadership and the immediate recovery of misappropriated public funds. Their petition called for the establishment of an independent commission of inquiry to probe the crude-for-loan arrangement and all related refinery rehabilitation contracts.
Responding to the demonstrators, Adekunle affirmed the government’s commitment to justice, saying, “Your petition will receive immediate attention. There will be a response, and the issues raised will be addressed appropriately. Rest assured, the Attorney General and the Solicitor General are people you can count on.”
In their concluding remarks, the protest leaders emphasized that a transparent investigation would not only ensure justice but would also serve as a deterrent to public officeholders who may contemplate corrupt practices.
The crude-for-loan controversy has stirred national concern, especially in the wake of Nigeria’s persistent fuel scarcity, high debt burden, and rising cost of living. Many critics believe that unresolved corruption scandals in the oil sector continue to undermine public trust and economic stability.
As the country awaits the next move by the AGF, civil society groups have vowed to sustain pressure on the government to ensure accountability and transparency in Nigeria’s oil sector governance.