Photo caption: SEE logo
*Commends Tinubu’s Executive Order 9 but insists forensic audit must uncover fate of past “mind-bending” deductions.
By Emeka Ugwuanyi
The Society of Energy Editors (SEE) has observed with grave concern the unfolding revelations regarding the financial practices of the Nigerian National Petroleum Company Limited (NNPC Ltd.), particularly the staggering ₦210 trillion discrepancy uncovered in the company’s audited accounts for the years 2017 to 2023.
It has become abundantly clear that previous managements of NNPC Limited took Nigerians for granted spending money with a reckless disregard for due process and fiscal responsibility. The revelation that the company was collecting a 30% management fee and a 30% frontier exploration fund deduction under the ambit of the Petroleum Industry Act (PIA) is simply mind-bending and represents a massive drain on resources meant for the common good.
We therefore commend the administration of President Bola Ahmed Tinubu for issuing Executive Order No. 9 (2026) —the Presidential Executive Order to Safeguard Federation Oil and Gas Revenues. This intervention, which mandates the direct remittance of all petroleum revenues to the Federation Account and suspends these unconscionable deductions, is a bold and necessary step to stem the tide of revenue leakage. For too long, intermediate retentions have obscured the true earnings of the nation, and this Order restores a measure of transparency to the revenue collection process.
However, stopping the leak is only half the battle won. The Society insists that the ongoing audit must go the whole hog.
Photo caption: NNPC headquarters, Abuja
While Executive Order 9 addresses the future, the nation is still haunted by its past. The Senate Public Accounts Committee has uncovered a labyrinth of financial opacity:
- ₦210 Trillion Question: How does a company “lose” track of ₦210 trillion over six years? The explanations offered regarding ₦103 trillion in “accrued expenses” and ₦107 trillion in “sundry receivables” are, as the Senate rightly noted, unacceptable.
- The Deductions: We demand that the forensic audit establish, in clear monetary terms, exactly how much was deducted as the 30% management fee and the 30% frontier exploration fund. What was this money applied to? Where are the projects, the assets, or the value generated from these colossal sums?
- Dubious Expenditures: From the alleged ₦5 billion spent on a name change to the mismanagement of subsidy claims and unauthorized deductions for refinery rehabilitation, the pattern of impunity is undeniable.
The Senate’s directive for a comprehensive forensic audit by the Auditor-General for the Federation is a welcome development. The summoning of former Group CEO Mele Kyari, former CFO Umar Ajiya, and other key players is necessary, but it must not be a mere ceremonial exercise. They must be compelled to provide evidence, not just explanations.
We support the Senate’s demand that the NNPCL refund all production costs charged against crude oil revenue that were not properly accounted for. The 10 to 21-day ultimatum must be taken seriously. There can be no more extensions, no more sacred cows.
The Society of Energy Editors stands firmly with the National Assembly and the Executive in this push for transparency, but we serve as a watchdog to ensure this moment of reckoning is not lost. Executive Order 9 is a commendable shield for the future; the forensic audit must be the sword that cuts through the rot of the past.
Nigerians deserve to know where their money went. We will not rest until this audit is concluded, the findings are made public, and those responsible for this “mind-bending” mismanagement are held accountable.
