Adeyemi Adegbola: NNPC – False allegations, misleading claims, and a country in need of foreign investment

Senator Adams Oshiomhole has taken a strong stance against the Nigerian National Petroleum Company Limited (NNPC). The former labour leader, who began his career as a junior staffer in a textile mill, now serves in the Senate and has publicly accused the NNPC of criminal activity. A video clip from the 10 June 2026 session of the Senate Public Accounts Committee shows his remarks, which many observers describe as lacking logic and decorum. He has criticized the integrity of an institution staffed by professionals he once represented as a union leader, raising questions about the motives behind his statements.

For the sake of decorum, the Senate formally dissociated itself from Oshiomhole’s outburst. On Thursday, 11 June 2026, the upper chamber passed a motion sponsored by Senate Leader Opeyemi Bamidele condemning the remarks as “an unwarranted attack on the character of public officers.” The Senate declared that the statements “do not represent the official position, resolution, finding or determination of the Senate as an institution.” High‑ranking legislators, including Deputy Senate President Barau Jibrin and Senate Minority Leader Abba Moro, cautioned the former Edo State governor against making defamatory remarks that could undermine the integrity of public institutions.

Several colleagues called for Oshiomhole to publicly retract his statement, indicating that even his peers could not tolerate his conduct. This reaction speaks more about the senator’s behavior than about the NNPC.

The committee had summoned Umar Ajiya, the former Chief Financial Officer of the NNPC, who retired a little over a year ago. In his testimony, Ajiya refuted the claim that N210 trillion was missing from the company’s accounts. He reported that the total revenue earned by the NNPC from 2017 to 2023 was N54.5 trillion, making the alleged figure mathematically impossible and unsupported by any cash‑flow records. Ajiya also clarified that the company spent N2.9 billion, not N5.8 billion, on registration with the Corporate Affairs Commission and the Federal Inland Revenue Service. He urged the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) to conduct a forensic investigation and arrest anyone found guilty, a stance he described as patriotic rather than criminal.

Many lawmakers prefer sound bites over substantive analysis. The Senate plenary emphasized that no committee has the independent authority to issue an arrest warrant without the Senate President’s approval. Senate Leader Opeyemi Bamidele warned that the power to issue a warrant affecting a citizen’s liberty is an extraordinary statutory power that must be exercised strictly in accordance with the law. He added that the constitutional doctrine of fair hearing and the presumption of innocence require that no person or institution be adjudged guilty except by a court of competent jurisdiction after due process. Senator Mohammed Tahir Monguno described the motion as necessary to preserve the legislature’s credibility, while Senator Abba Moro stressed that lawmakers should not make statements that impugn the character of public officers or individuals in society.

Oshiomhole’s public conduct has drawn criticism in the past. In June 2025, he was involved in a confrontation at Lagos’s Murtala Muhammed Airport, where videos showed him shouting at airline and airport staff after allegedly jumping onto a baggage conveyor belt. The Punch newspaper reported that “despite whatever provocation was claimed, Oshiomhole’s conduct is unbecoming of his status as a senior citizen and ranking politician.” Air Peace also alleged that he attempted to force his way onto a flight after check‑in had closed, physically assaulting staff and barricading the terminal entrance, thereby disrupting airport operations.

The Economic and Financial Crimes Commission has been repeatedly called upon to investigate corruption allegations against Oshiomhole. In 2018, a Federal High Court in Abuja refused to compel the EFCC to investigate him, despite petitions alleging his complicity in corrupt acts. The EFCC stated it was not obligated to report or account for its investigations within a specific timeline. The court again declined to compel the EFCC in 2019 and in April 2026. Vanguard newspaper reported that a petitioner had sent a detailed complaint to the EFCC in 2018 outlining alleged corrupt practices involving Oshiomhole. While the courts have not forced action, the existence of multiple petitions and the EFCC’s refusal to publicly exonerate him leave a stain that cannot be ignored.

Oshiomhole was also widely condemned for mocking Governor Godwin Obaseki and his wife, Betsy, for being childless. Netizens criticized him for calling the Edo governor’s wife barren, a remark that seemed at odds with his role as a moral lecturer to NNPC staff.

In his defense before the Senate plenary, Oshiomhole claimed that his comments were made under provocation, stating, “I acted under provocation because distinguished members were being attacked without any proof of the allegations being made.” He added, “If it is the view of the Senate that I should apologise, I have no problem with that.” He insisted he was merely defending the integrity of the Senate and its members, but his colleagues were not convinced. Senator Adamu Aliero, former Kebbi State Governor, described the statement as “reckless” and warned that it could damage Nigeria’s investment image internationally, noting that “the NNPC is the cash cow of this country. Such reckless statements could damage Nigeria’s investment image internationally.”

Beyond public outrage lies a more urgent issue. Umar Ajiya warned that unverified allegations harm not only individuals but the entire nation. He explained that inaccurate figures can influence international rating agencies and financing decisions. He recalled how an unpatriotic Nigerian once wrote a petition to the Chinese government, stalling a USD 2.5 billion loan for the AKK gas pipeline project, which remains incomplete because of loose tongues.

The NNPC is preparing for an initial public offering (IPO) and plans to list on leading international exchanges, including New York and London. As the company moves toward an IPO, foreign investors will scrutinise not only its books but also the media and political environment in which it operates. Every reckless sound bite can echo long after the cameras leave. The senator from Edo North may have forgotten that the NNPC is the cash cow of this country, and those who wish to undermine it should not be surprised when there is no milk left for their own children.

Dr. Adeyemi Adegbola is an international energy correspondent. He writes from Abuja.