CACOL Slams NNPC over “Reckless Borrowing”

Posted by: Newsdiaryonline Posted date: January 10, 2013

The Coalition Against Corrupt Leaders (CACOL) has condemned the Nigerian  National Petroleum Corporation (NNPC) for the $1.5bn foreign loan purportedly sought by the corporation to settle unpaid fuel supply bills being owed some commodity trading houses.

Reacting to the news, the Executive Chairman of the Coalition, Debo Adeniran noted that the purported foreign loan by the NNPC is another avenue to fritter the nation’s resources into private pockets.

“This foreign loan is another way to corner our common patrimony into private hands. What older loans are they settling? Does it mean the nation is still owing subsidy payments, whereas huge amount was appropriated for the same purpose last year and the masses were made to believe that the appropriated money would be enough to pay fuel suppliers  and settle old debts?

The NNPC  has become last a cesspit of corruption. The NNPC claimed it is owing some commodity trading houses including Glencore and Mercuria,  about $3.5bn in unpaid fuel supply. Who consumed the fuel  and when was it consumed? It is high time  an end came to the shenanigans of the NNPC. They lead the nation by the nose, sell our oil, deduct what they like from the proceeds, remit whatever amount they deem good into the national treasury, with no oversight from any quarters,”Adeniran submitted.

Comrade Adeniran however advocated that the Petroleum Industry Bill should be re-worked and passed by the National Assembly, if the nation must be free from the grip of the cabals perpetuating corruption in our oil sector. He added that the shoddy way in which the NNPC operates is the major contributor to the sleaze that has become endemic in the corporation.

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