Segun Sanni, a Chief Economist and Member of the Afenifere Group, has made startling allegations regarding the Nigerian National Petroleum Corporation (NNPC) and its lack of accountability in managing the country’s oil resources. In an interview with Channels TV, Sanni claimed that the NNPC Managing Director holds more power than the President in the oil sector due to the corporation’s ability to spend funds without proper oversight or auditing.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
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Sanni described the NNPC as a “salesman” that trades Nigeria’s oil, which is owned by the people, without adequate transparency or supervision. He argued that the corporation operates with a level of autonomy that allows it to spend money as it pleases, without reporting to the National Assembly or facing scrutiny for its expenses.
“We have an NNPC that is the most inefficient organization in the world. NNPC is more or less like a salesman, NNPC does not own Nigeria’s Oil. NNPC only trades it for us, we own the oil. And we have an arrangement in place where NNPC collects our money after selling the oil and they spend out of it the way they like without any auditing and without any oversight,” Sanni stated during the interview.
The economist questioned the wisdom of allowing a “shopkeeper” (NNPC) to manage the nation’s resources without proper supervision, leading to unaccounted expenses that Nigerians are expected to bear. He highlighted the lack of transparency in NNPC’s financial dealings and the absence of accountability to the National Assembly.
“Have you ever heard the NNPC going to the National Assembly to explain their financing. The NNPC MD is more powerful than the President, he spends our money as he likes. So it is only after he has spent that he comes and says this is the balance and nobody asks him how much he has spent and what did he spend it upon. You can’t put a shopkeeper to monitor your shop and you allow him to spend your money anywhere. And those NNPC unaccounted for expenses which is not being supervised is what Nigerians are being called upon to bear,” Sanni added.…..For More READ THE FULL ARTICLE HERE ▶▶
