Veteran journalist and former presidential aide, Laolu Akande, has lauded the recent investigative moves by the Economic and Financial Crimes Commission (EFCC) into the affairs of the Nigerian National Petroleum Company Limited (NNPCL), describing them as a necessary step toward cleansing Nigeria’s troubled oil and gas sector. Speaking on the My Take segment of Inside Sources on Channels Television on Sunday, Akande called for a thorough and sustained probe that must leave no stone unturned.
Akande began his remarks by welcoming the appointment of two seasoned oil and gas professionals—Mr. Bayo Ojulari as the Chief Executive Officer and Mr. Ahmadu Musa Kida as the Non-Executive Board Chairman—into top leadership positions at the NNPCL. He praised the federal government’s decision, saying, “These new appointments were rightly commended, and all you need to do is to look at the pedigrees of these two gentlemen to appreciate that their appointments are square pegs in square holes. May our high expectations of their performance not be disappointed.”
He noted that early signs from the new leadership were encouraging, particularly with reports emerging of internal investigations and terminations of past executives. In one striking instance, Akande referenced the alleged discovery of $80 billion in a former refinery managing director’s account, a revelation that prompted the EFCC to request emolument records to determine how such a sum found its way into a public servant’s possession.
“Surely, questions must be asked,” Akande stressed, citing the ongoing mystery surrounding the multi-billion-dollar rehabilitation of Nigeria’s refineries. “Close to $3 billion was approved during the past administration for this purpose, yet none of the refineries have been completed. What happened?”
Highlighting the historical dysfunction of the national oil company since its days as NNPC, Akande pointed to long-standing issues of mismanagement and deep-rooted corruption. He cited the comment of businessman Tony Elumelu in the Financial Times, who blamed massive oil theft for driving international oil companies to divest from Nigeria’s onshore oil assets.
“We have been so devastated as a nation by the kind of crude oil theft that we have seen over the years,” Akande lamented, referencing statistics from the Nigeria Extractive Industries Transparency Initiative (NEITI). According to NEITI, Nigeria lost approximately 619 million barrels of crude oil—worth over ₦16 trillion or $46 billion—between 2009 and 2020. “That’s a staggering loss,” he emphasized, adding that oil theft averaged 140,000 barrels per day, translating to about $10 million daily.
The trend has only worsened in recent years. Akande listed staggering losses of $2.1 billion in 2019, $1.9 billion in 2020, $7.2 billion in 2021, and an eye-watering $22 billion in 2022. He warned of the devastating socio-economic consequences of these losses, including depleted government revenues, increased debt burdens, reduced capacity for social investment, and slowed human capital development.
“Thankfully, there seems to be a bit of positive movement in the fight against crude oil theft,” Akande said. “But we must go further. We must insist on fundamental transparency in the oil and gas sector.”
He underscored that the current momentum at NNPCL, if sustained, could provide answers to long-standing questions about the failure of Nigeria’s local refineries. “For the first time, we might be able to get to the root causes of the failure of the local refineries—if we sustain this outlook.”
Akande expressed shock at the flamboyant lifestyles of some past NNPCL executives. “The way some of them distribute dollars in this town alone is appalling,” he said. “The people are not blind. They know some people are blowing away our commonwealth with reckless abandon.”
He called on all Nigerians of goodwill to support the reform efforts at the NNPCL, which he believes are backed by a clear presidential mandate. “If the new leadership at NNPCL is serious about cleaning house, they should be encouraged. But the investigation must go all the way.”
In a direct message to President Bola Ahmed Tinubu, Akande said, “Forget what the naysayers say. Do to NNPCL and the oil and gas sector what you did to the Central Bank. You can clean this mess up. The oil industry is the lifeline of our economy today.”
He concluded with a hopeful yet firm reminder: “If what we are now seeing with the investigation into past NNPCL executives is being driven by the President, then there is a good direction in all of this—and we say kudos. But let this investigation be full, comprehensive, and sustained. People must be held accountable. That is the only way to make a real dent in corruption in our country.”
