The Vanguard for Transparent Leadership and Democracy (VATLAD) has called on President Bola Ahmed Tinubu to direct relevant security agencies to work with the Senate Committee on Public Accounts (PAC) in investigating the alleged N210 trillion reportedly unaccounted for under the management of the Nigerian National Petroleum Company Limited (NNPCL) led by former Group Chief Executive Officer, Mele Kyari.
In a statement issued by its National President, Comrade (Engr.) Igbini Odafe Emmanuel, the group said the call had become necessary because of the potential national security implications of the alleged missing funds.
According to VATLAD, the alleged amount is significant enough to pose a threat to Nigeria’s national security if it were in the possession of any individual or group. The organisation argued that the continued failure of Kyari, members of his management team, and officials of international oil companies (IOCs) in joint venture with NNPCL to appear before the Senate Public Accounts Committee since last year has heightened concerns over the matter.
The group claimed that such a large sum of money, if left unaccounted for, could undermine the country’s democratic institutions, particularly as Nigeria approaches another election cycle ahead of the 2027 general elections.
VATLAD also cited historical instances in Nigeria and other countries where military coups and civil unrest were allegedly financed by individuals or groups with substantial financial resources, stressing that the Federal Government should treat the matter as a national security issue.
The organisation urged President Tinubu, as Commander-in-Chief of the Armed Forces, to invoke his constitutional powers by directing the armed forces and other security agencies to take proactive steps to safeguard Nigeria’s constitutional democracy, peace and national security.
VATLAD further called for the management of the international oil companies involved in joint ventures with NNPCL to be compelled to appear before a joint investigative panel comprising the Senate Public Accounts Committee and security agencies to account for the alleged funds.
The group also noted that NNPCL holds the majority stake in the joint venture arrangements with international oil companies, while the IOCs own minority interests. It argued that the operating licences and leases granted to the companies contain provisions that could warrant revocation if their activities are found to undermine Nigeria’s national security or national interest.
VATLAD cited past instances in Nigeria and South Africa where operating licences of some international oil companies were reportedly revoked under exceptional national circumstances.
