Financial Recklessness: NNPC Should Be Probed by Dr. Kenny Odugbemi

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There is renewed call through probe of NNPC necessitating current probe by Upper house (Senate Council + appropriation committee)

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Based oñ available record NNPC has spent N11.36trn on Turnaround maintenance of moribund refineries for the last 13years

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Current injection of $1.5bn on PHRC by Federal government is still a mirage without any reasonable business
justification

NNPC expenditure vitals
Fy (2010-2020)
Fiscal spent N11.35trn
Plus
Foreign innovation
$592,976.05
€ 4877,068.47
£3,455,656.93

Operational cost N4.8trn

Break down analysis
PHRC
Fy(2013-2019)
N12,161,237.811.61

Innovation award 18th March 2021
$1,397,000.00(N75b)

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Warri WRC

Fy(2014-2019)
N28,219,110,067.2

Innovation contract award to Daewoo engr & Const ltd sum of
$497,382,8500

Kaduna refineries
For the past 10years
N28,266,248,434

Innovation award to same company
$741m
Target 60% early 2024

NNPC non remittance

NNPC refuse to remote N2.565trn
Defray $2,333,759.62
N525,714,377,874
As short fall in supply

Outstanding forward
N983,365,057,786.20

Subsidy expense
Jan-210.38bn
Feb -219.78bn
Mar-245.77bn
April-271.13bn
May-327.07bn
Jun-319.18bn
July-448.78bn

Conclusion
Since the advent of removal of fuel subsidy, where is the dollar component on innovation?

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All the refineries remains moribund neccesitating injection of new $1.5bn capital injection for turn around maintenance of old port Harcourt refineries canibalized and moribund

Why PBAT renominate Mele Kyari is still a misery

We need comprehensive probe of NNPC

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