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NNPC: Vested interests fight back, stage war against new management’s reform agenda
A group of persons with vested interest in Nigeria’s oil money, are said to have launched a coordinated campaign of calumny using a section of the media and other clandestine guerilla approach against the new management of the Nigeria Petroleum Company Limited (NNPCL), with the aim of undermining President Bola Tinubu’s reform agenda in the industry.
According to information at our disposal, the war is being coordinated by a former Group Chief Operating Officer (GCOO) of the Company, who after tendering resignation, has been making overtures to those that matter at the Aso Rock Presidential Villa for a possible return to the organisation.
What began as a quiet effort to assert internal influence has now morphed into a visible war, waged in form of campaign of calumny, with the intent to pour tar on the person of the Group Chief Executive Officer (GCEO) in particular and the company’s leadership in general; so much so that unless this dangerous moves are quickly checked, they have the potency to put the nation’s petroleum industry sector in bad light before local and international publics and stakeholders, by extension, making nonsense of the President’s energy reform legacy.
Findings by this newspaper reveals that this is not the first time the former NNPCL officer’s name has been linked to disruption at the highest levels. Sources at NNPCL said that during the tenure of Dr. Ibe Kachikwu as Minister of State, Petroleum, the same subject reportedly broke ranks. But a similar attempt to unseat Mele Kyari as GMD of NNPC ended abruptly in 2020 after a covertly recorded conversation exposed internal manoeuvrings, prompting his resignation.
The same name has also surfaced in connection with past financial controversies. In the federal government’s recovery of funds related to the Halliburton bribery case, media reports identified him as one of the individuals associated with an escrow account into which over $32.5 million (₦13.5 billion) was deposited. The account, reportedly held at JP Morgan Chase under the name “Madison Avenue Escrow/CBN/FGN Litigation Settlement,” was not in the name of the Federal Government. While no charges were filed and he insisted the structure was legal and in the national interest, questions from the EFCC regarding oversight and transparency remain part of the public record.
Also, in 2023, a whistleblower alleged his involvement in a $280 million oil servicing fraud. He denied the allegation, threatened legal action, and demanded ₦2 billion in damages as well as a public retraction. None has been issued to date.
Yet it is his recent behaviour that has caused the greatest concern. In the lead-up to the appointment of a new Group Chief Executive Officer for NNPC Limited, he was said to have lobbied aggressively—canvassing key figures in the current administration, in hopes of securing the top job. When that effort failed, a new position was created for him:
Though high-ranking, the new position did not grant him a seat on the company’s Board, as the Petroleum Industry Act (PIA) limits Executive Director positions to the GCEO and GCFO. That lawful exclusion appears to have sparked a campaign of quiet dissent.
Almost immediately, he began placing close associates in strategic roles across the company, including within the office of the GCEO. He is believed to have cultivated influence in parts of the senior management team while quietly questioning the GCEO’s authority and leadership style—despite the fact that the GCEO was already earning praise for his operational discipline and transparency.
The situation escalated just days before a major strategy retreat, when blogs began publishing unverified claims about private jet expenses and politically motivated travel. The reports were false, but the damage was done—made worse by a communications team that failed to flag the stories in time. That division, notably, was said to have been the handiwork of the same man.
Then came the moment that stunned the organisation: while the GCEO was live on stage during a company town hall, he was said to have submitted his resignation—via text message. The timing was interpreted by many as an attempt to destabilise. Within hours, the GCEO revoked all system access and began moving to protect the company’s operations.
Days later, the man was said to have started walking back the resignation, privately claiming it had been rejected by higher authorities. No formal statement ever supported that narrative. At a subsequent public event, he approached the GCEO in front of media cameras in what appeared to be a choreographed gesture of reconciliation. Few were convinced.
Since then, intelligence sources suggest that the subject has been coordinating external pressure using media proxies, contractors, and political allies. Operational instability in certain regions has coincided with these efforts, raising concern that there may be attempts to cast the GCEO as ineffective.
What’s at stake is no longer just internal cohesion but a direct challenge to the President’s bold reform of Nigeria’s most strategic state enterprise. The appointment of the current GCEO and the constitution of a new Board and management team was widely regarded as a turning point. For the first time in recent memory, NNPC Limited is led by a group of seasoned professionals with deep technical expertise, international standing, and a clear mandate to run the company commercially. The decision to remove political influence and reward proven competence was met with widespread acclaim both domestically and abroad.
That this team is already being tested—not by failure or public opposition, but by internal sabotage—is not just unfortunate. It is telling.
Public commentators have described the current Board and Management as the most capable NNPC has ever had. Many believe that if this team cannot deliver the long-overdue transformation of the company, no one can. What they need now is not interference or engineered instability, but the space, support, and protection to succeed. This isn’t merely a test of corporate governance. It is a matter of political will, national reform, and legacy.
News
Lady identifies bandits that abducted her, leading to their arrested wth N11m recovered
Three bandits have been arrested in Benue state after a lady who they had kidnapped and released, identified them at a motor park and raised alarm.
The k!kidnappers came to Ihotu park to board a vehicle to Makurdi and were met by the lady they had earlier kidnapped and released after collecting ransom from her relatives.
They were even using a bag they collected from the girl. The girl raised the alarm, held one inside the vehicle, and two took to their heels, but were caught.
They had a ghana-must-go bag at the back of the vehicle. N11m was found inside the bag.
Following the confirmation of their identity by another lady who was also their victim, mob gathered around with the intent to beat them up and possibly set them ablaze.
But the park manager decided to invite the police and soldiers who rescued them and took them to their station.
It was later gathered that the Benue state Governor, Rev. Father Hyacinth Alia called and said he was interested in the case which made the police to take the apprehended bandits to Makurdi, the state capital.
News
Tinubu’s govt ignores IMF, draws additional loan of $2.5b from UAE
President Bola Tinubu Federal Government has drawn down $1.5bn from a $5bn financing facility arranged with the United Arab Emirates’ largest lender, First Abu Dhabi Bank, despite growing concerns from global financial institutions over the increasing use of complex derivative financing by African sovereigns.
Bloomberg reported on Friday that the latest drawdown represents the first tranche of a $5bn Total Return Swap facility approved by the National Assembly on March 31, 2026, and is expected to support the 2026 budget, finance infrastructure projects, and refinance existing debt obligations.
The report quoted people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.
The report read, “Nigeria has accessed the first tranche of a $5bn derivatives deal with the United Arab Emirates’ largest lender, pressing ahead with a transaction that has been scrutinised for being opaque.
“The West African nation drew about $1.5bn in the last couple of weeks from a total return swap transaction with First Abu Dhabi Bank PJSC, according to people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.”
The transaction comes at a time when Nigeria is facing higher borrowing costs in international capital markets, forcing the government to seek alternative financing arrangements to shore up its fiscal position and improve access to foreign exchange liquidity.
Under the arrangement, Nigeria is required to pledge Federal Government securities worth about 133 per cent of any amount drawn under the facility. This means that for the full $5bn facility, the government would have to post approximately $6.65bn worth of naira-denominated bonds as collateral.
In return, the Abu Dhabi-based lender provides dollar liquidity to the Nigerian government. The Federal Government will pay a floating interest rate benchmark plus about four percentage points, while the lender receives the returns generated by the underlying government securities.
The transaction effectively allows Nigeria to unlock immediate dollar funding without issuing new Eurobonds or taking on traditional external loans at prevailing market rates, which have become increasingly expensive for frontier economies.
The government has already indicated that the proceeds from the initial $1.5bn drawdown will be deployed to support budget implementation, fund critical infrastructure projects, and refinance costlier domestic and external debts.
However, the financing arrangement has attracted criticism from international financial institutions and market analysts over concerns about transparency and potential hidden liabilities.
In its June 2026 assessment of African sovereign debt markets, the International Monetary Fund warned that derivative financing structures such as total return swaps are often opaque and difficult for investors and creditors to monitor.
The IMF noted that such arrangements are “hard to track, hard to value in real time, and can obscure the true extent of a country’s financial obligations.”
Three days ago, Fitch Ratings warned that Nigeria’s planned $5bn financing arrangement with First Abu Dhabi Bank could increase sovereign debt risks and reduce transparency in public debt reporting.
News
700 Nigerians stranded in South Africa as June 30 deadline looms
At least 700 Nigerians remain stranded in South Africa three days before the June 30 deadline issued by anti-immigration groups.
It was gathered that despite President Bola Tinubu’s approval of funds for their evacuation, bureaucratic delays have prevented the release of the money, leaving hundreds stranded amid escalating xenophobic tensions.
Although the president approved funding for four additional rescue flights after the first evacuation brought home 258 Nigerians, the money had yet to reach the designated carrier, Air Peace.
This delay, according to officials of the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission and the Nigeria High Commission in South Africa, is stalling the evacuation operation and leaving hundreds of Nigerians exposed to attacks.
The delay has heightened fears among the stranded Nigerians as xenophobic tensions continue to escalate across South Africa.
The President of the Nigerian Citizens Association in South Africa, Rev. Frank Onyekwelu has said over 20 Nigerians had died since the renewed wave of anti-foreigner attacks, while many others had been assaulted, displaced or forced to abandon their businesses.
According to the officials, over 1,000 Nigerians registered with the federal government for evacuation. However, only 324 have been successfully brought home so far through a combination of government efforts and private intervention, leaving more than 700 Nigerians at risk of attacks and exposed to the elements.
The first batch of returnees (258) arrived in Lagos on June 11 aboard Air Peace, while the second batch (66) arrived on June 24 aboard ValueJet.
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