The leadership of the Nigerian National Petroleum Company Limited (NNPCL) has been accused of refusing to fix refineries because it is profiting from fuel importation.
The Coalition for Economic Liberation and Transformation (CELT) said the NNPCL prioritises fuel importation over domestic refining. The CELT’s Executive Director, Henry Owolabi, said the fuel importation has resulted in a staggering N3 trillion expenditure within just 42 days.
Owolabi stated this while speaking at a briefing in Abuja in a statement made available to Legit.ng on Friday, November 15.
He urged the Central Bank of Nigeria (CBN) to stop further payments for fuel importation....Read Full Article [Click Here>]
The coalition also asked the apex bank to call for regulatory oversight to verify imported fuel quality and investigate financial claims.
“NNPCL fuel-importing associates have successfully rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira. They mopped up the limited dollars that would have gone into procuring manufacturing-related imports.”
He added that:
“NNPCL’s leadership role in the fuel importation racket perhaps explains why it has deliberately sabotaged the nation’s investments in the three major government-owned refineries in the last two years. Why would a man who has not allowed our refineries to work be allowed to continue to lead the NNPCL?
