Group explains how NNPCL profits from fuel importation

• The Coalition for Economic Liberation and Transformation (CELT) has accused NNPCL of refusing to fix refineries
• The CELT’s Executive Director, Henry Owolabi, alleged that NNPCL is profiting from fuel importation
• Owolabi said the NNPCL fuel-importation has rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro, government policy, and international

FCT, Abuja - The leadership of the Nigerian National Petroleum Company Limited (NNPCL) has been accused of refusing to fix refineries because it is profiting from fuel importation.

The Coalition for Economic Liberation and Transformation (CELT) said the NNPCL prioritises fuel importation over domestic refining.

Coalition accuses NNPCL of profiting from fuel importation Photo credit: CEFT
Source: UGC

The CELT’s Executive Director, Henry Owolabi, said the fuel importation has resulted in a staggering N3 trillion expenditure within just 42 days.

Owolabi stated this while speaking at a briefing in Abuja in a statement made available to Legit.ng on Friday, November 15.

He urged the Central Bank of Nigeria (CBN) to stop further payments for fuel importation.

The coalition also asked the apex bank to call for regulatory oversight to verify imported fuel quality and investigate financial claims.

“NNPCL fuel-importing associates have successfully rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira. They mopped up the limited dollars that would have gone into procuring manufacturing-related imports.”

He added that:

“NNPCL’s leadership role in the fuel importation racket perhaps explains why it has deliberately sabotaged the nation’s investments in the three major government-owned refineries in the last two years. Why would a man who has not allowed our refineries to work be allowed to continue to lead the NNPCL?

Niger Delta activists call for sack of NNPCL boss

Meanwhile, Legit.ng reported that the Niger Delta Activists for Renewed Hope (NDARH) made serious threats over the nonfunctioning of the Port Harcourt, Warri, and Kaduna refineries.

The Niger Delta activists have issued 72 hours ultimatum for the sack of the NNPCL boss, Mallam Mele Kyari.

The group said failure to sack Kyari within 72 hours would compel its members to occupy the streets in Abuja and Port Harcourt.

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Source: Legit.ng