Speaking further, Isong explained that the refineries are also being affected by the government’s inability to manage its economic environment and costs. He emphasised that the private sector has consistently outperformed government-owned corporations.
Isong added that nobody could harass Aliko Dangote, knowing well that he is running a private business. “There is also the inability of the government to manage its economic environment and costs. The private sector, historically, in every geography, has done better. Government-owned corporations struggle because of their perceived social role. The private sector is much better at managing this decision-making simply because stakeholders understand that they are privately owned.
Stakeholders behave differently when they know you’re government-owned; they challenge differently. But if you’re private, nobody can harass you. Nobody can harass Dangote; he’s running his business; it’s his pocket,” he stated.
OPS reacts:
Speaking with one of our correspondents, the Chairman of the Organised Private Sector of Nigeria, Dele Oye, said privatisation of the refineries was long overdue. Oye said the government should not be involved in running a business, considering its performance in the past.”
“ThisDay” newspaper front page, May 19, 2025” Headline: “SERAP TELLS NNPC TO ACCOUNT FOR ALLEGED MISSING N500 BILLION”
“The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, to account for the whereabouts of an alleged missing N500 billion.
It said the NNPC failed to remit the amount to the Federation Account between October 2024 and December 2024, as revealed by the World Bank.
SERAP urged Ojulari to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.
SERAP also urged Ojulari to invite the EFCC and ICPC to investigate the spending and whereabouts of the alleged N500 billion and to ensure the full recovery and remittance of the money to the Federation Account without further delay.
“The missing oil revenue reflects a failure of NNPC accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
The World Bank had last week disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted N600 billion, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.
In a Freedom of Information request dated May 17, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation said, “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion in oil money and grave violations of the Nigerian Constitution 1999.
“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people and for the sake of the present and future generations.”
According to SERAP, Nigerians have the right to know why the NNPC failed to remit the subsidy removal savings to the Federation Account and why the NNPC is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution.
“Nigerians continue to bear the brunt of these missing public funds from the NNPC meant for the economic development of the country.
We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPC to comply with our requests in the public interest.
The missing oil revenue reflects a failure of NNPC accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
The Nigerian Constitution, the Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth,” it stated.
“The Nation” newspaper front page, June 4, 2025” Headline: “EX-EFCC CHAIR BAWA: HOW PETROL SUBSIDY FRAUD WAS PERPETRATED”
“A former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has given an insider narrative on how petrol subsidy fraud was perpetrated.
In his groundbreaking new book, titled, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud,” published by Cable Books, an imprint of Cable Media & Publishing Limited, Bawa unravels the inner workings of one of the country’s most pervasive financial crimes.
The strategies, he writes, include ghost importing and over-invoicing; submission of claims for fuel that was never imported; inflated shipment volumes to receive excessive subsidy payouts; manipulation of bills of lading by altering shipping documents; and fraudulent exploitation of international price fluctuations to claim higher subsidies.
Others are round-tripping and double claims; using single shipments to obtain multiple subsidy payments; diversion and smuggling; and diversion of subsidised fuel to black markets or smuggling for high profit.
