– Hail Tinubu’s Executive Order 9 – Demand forensic audit of “mind-bending” theft
Lagos — The Society of Energy Editors (SEE) says it has observed with grave concern the unfolding revelations regarding the financial practices of the Nigerian National Petroleum Company Limited (NNPCL), particularly the staggering ₦210 trillion discrepancy uncovered in the company’s audited accounts for the years 2017 to 2023.
The Society has also thrown its weight behind President Bola Ahmed Tinubu’s recent crackdown on revenue leakage through the instrumentality of Executive Order 9.
In a fiery press statement issued on Friday, the SEE described the financial revelations surrounding the NNPCL as proof that previous managements “took Nigerians for granted, spending money with a reckless disregard for due process.”
At the heart of the matter lies a staggering ₦210 trillion discrepancy in NNPCL’s audited accounts between 2017 and 2023—a sum that dwarfs the national budget and has sparked outrage across the legislative and public spheres.
A “Bold” Order to Stem the Tide
The Editors specifically lauded the presidency for signing the Executive Order No. 9 (2026) on February 13, which mandates that all petroleum revenues royalties, taxes, and profit oil be remitted directly to the Federation Account. The order effectively overrides previous retention practices allowed under the Petroleum Industry Act (PIA) 2021, specifically suspending the controversial 30% management fee and the 30% frontier exploration fund deductions previously collected by NNPCL.
“This intervention… is a bold and necessary step to stem the tide of revenue leakage,” the statement read. “For too long, intermediate retentions have obscured the true earnings of the nation.”
The “Mind-Bending” Deductions
However, the Society was unequivocal in its demand that the praise for future safeguards does not become a smoke screen for past sins. They zeroed in on the specific deductions under the PIA, calling them “simply mind-bending.”
The Senate Public Accounts Committee has already flagged a labyrinth of financial opacity, including:
- ₦210 Trillion Discrepancy: Comprising ₦103 trillion in unexplained “accrued expenses” (Joint Venture cash calls) and ₦107 trillion in “sundry receivables.”
- Dubious Spending: An alleged ₦5 billion spent on the corporate name change from NNPC to NNPCL.
- Subsidy Fraud: Duplicate subsidy claims and inflated production costs.
“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,” the SEE demanded.
“What was this money applied to? Where are the projects, the assets, or the value generated from these colossal sums?” the Society of Energy Editors said in the statement.
The Whole Hog or Nothing
While the Executive Order serves as a shield to protect future revenue, the Editors insisted that the forensic audit ordered by the Auditor-General for the Federation must act as the “sword that cuts through the rot of the past.”
The summoning of former NNPCL Group CEO Mele Kyari, former CFO Umar Ajiya, and others by the Senate was described as necessary, but the SEE warned against it becoming a “ceremonial exercise.”
Supporting the Senate’s demand for a refund of all unaccounted production costs charged against crude oil revenue, the SEE threw its weight behind the legislative 21-day ultimatum, stating, “There can be no more extensions, no more sacred cows.”
As Nigeria stands on the precipice of energy transition and economic recovery, the Society of Energy Editors has positioned itself as a watchdog, ensuring that the current administration’s transparency drive does not end at the press release, but follows the money trail to its final, bitter end.
“Nigerians deserve to know where their money went,” the statement concluded. “We will not rest until… those responsible for this ‘mind-bending’ mismanagement are held accountable.”
