"No Accountability": Angry Peter Obi Explodes Over NNPCL’s ₦210 Trillion Scandal, Calls It Criminal Betrayal of Nigerians

 

Peter Obi, former presidential candidate of the Labour Party, has launched a scathing attack on the Nigerian National Petroleum Company Limited (NNPCL) following damning revelations of massive financial discrepancies in its audited statements. His remarks came after the Senate Committee on Public Accounts exposed serious inconsistencies amounting to ₦210 trillion in the financial reports of the state-owned oil company between 2017 and 2023.

The committee, under the chairmanship of Senator Aliyu Wadada, uncovered that the NNPCL's financial records contained ₦103 trillion in accrued expenses and ₦107 trillion in receivables. These figures, according to the Senate, were not only questionable but also lacked adequate documentation. The financial statements already available to the public raised immediate red flags and prompted the legislative body to demand clarity and accountability.

Obi did not mince words in expressing his frustration. Taking to his verified X (formerly Twitter) account on Friday, he described the situation as more than just a scandal. He called it a reflection of deep-rooted, systemic corruption that has crippled governance and stifled the hopes of millions of Nigerians.

“It is with the utmost sadness that I once again reaffirm what I have consistently said: Nigeria has become a crime scene,” Obi declared. His message underscored the gravity of the situation, framing it not as an isolated case of mismanagement but as an institutional failure that must be confronted head-on.

The gravity of the figures becomes even more apparent when placed side by side with Nigeria's national budget across the same seven-year period. Obi shared the figures to emphasize the scale of the discrepancy:

• 2017: ₦7.440 trillion

• 2018: ₦9.120 trillion

• 2019: ₦8.916 trillion

• 2020: ₦10.590 trillion (later revised to ₦9.974 trillion due to the COVID-19 pandemic)

• 2021: ₦13.588 trillion

• 2022: ₦17.130 trillion

• 2023: ₦21.830 trillion

The cumulative national budget during this period stands at ₦88.010 trillion. This amount, Obi pointed out, is not even half of the ₦210 trillion in questionable entries discovered in the NNPCL’s books.

Such a staggering contrast between the nation’s total budget and the financial irregularities reported by the NNPCL led Obi to call the situation a "criminal institutionalised betrayal." He argued that these figures reveal more than accounting errors or oversight failures; they reflect a deliberate manipulation of public finance at a catastrophic scale.

“No documentation. No accountability. No consequences,” Obi wrote, expressing disbelief over the apparent lack of checks and balances in the management of Nigeria’s most vital revenue-generating agency. He lamented the absence of transparency and questioned how such monumental financial inconsistencies could occur without immediate repercussions for those responsible.

For Obi, the issue is not just about numbers. It represents a serious moral and political crisis. He warned that if this level of corruption continues unchecked, it would pose a grave threat to the very fabric of Nigerian society. He stressed the need for urgent systemic reform, not just in the NNPCL but across all institutions of governance.

The former governor of Anambra State went further, accusing the political leadership of allowing corruption to flourish unchecked. According to him, this enables a cycle of theft, impunity and decay that undermines national development and sabotages the future of young Nigerians.

“This criminality masquerading as governance must be stopped and dismantled for a better Nigeria,” he stated firmly, calling on Nigerians to demand better accountability from public officials and institutions.

As the fallout from the Senate’s revelations continues to unfold, pressure is mounting on the NNPCL and the federal government to address the concerns raised. Civil society organizations, economists and citizens alike are echoing Obi’s sentiments, insisting that Nigeria can no longer afford to treat corruption as a mere talking point.

Obi’s response resonates beyond political lines, capturing the frustration of many Nigerians who feel shortchanged by successive administrations. His words serve as a rallying cry for those demanding transparency and justice in the management of public resources.

Whether the revelations will lead to concrete action remains uncertain, but one thing is clear: the storm surrounding the NNPCL’s finances is far from over, and the calls for accountability are only growing louder.