CACOL Slams NNPC over “Reckless Borrowing”

The Coalition Against Corrupt (CACOL) has condemned the Nigerian  National Petroleum Corporation (NNPC) for the $1.5bn foreign loan purportedly sought by the corporation to settle unpaid fuel supply bills being owed commodity trading houses.

Reacting to the news, the Executive Chairman of the Coalition, Debo Adeniran noted that the purported foreign loan by the NNPC is another avenue to fritter the nation’s into private pockets.

“This foreign loan is another to corner common patrimony into private hands. older loans are they settling? Does it mean the nation is still owing subsidy payments, whereas huge amount was appropriated for the same purpose last year and the masses were made to believe that the appropriated would be enough to pay fuel suppliers  and settle old debts?

The NNPC  has last a cesspit of corruption. The NNPC claimed it is owing commodity trading houses including Glencore and Mercuria,  about $3.5bn in unpaid fuel supply. Who consumed the fuel  and when was it consumed? It is high time  an end came to the shenanigans of the NNPC. They lead the nation by the nose, sell oil, deduct they like from the proceeds, remit whatever amount they deem good into the national treasury, with no oversight from any ,”Adeniran submitted.

Comrade Adeniran however advocated that the Petroleum Industry Bill should be re-worked and passed by the National Assembly, if the nation must be free from the grip of the cabals perpetuating corruption in oil sector. He added that the shoddy in which the NNPC operates is the major contributor to the sleaze that has endemic in the corporation.


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