Thread by @sheiduhabib_

It's now a sad case of if @NNPCgroup doesn't kill Nigeria, Nigeria will kill NNPC. The wastage and corruption in NNPC is an eyesore, the saddest part is if the govt. fail to fund NNPC, it will collapse!
{A SAD Thread}
#NNPCAudit

In 2011, an audit report by KPMG revealed the agency couldn’t account for about 28.5 Billion dollars over deducted funds in subsidy claims.
#NNPCAudit

In 2013, a controversial letter by Sanusi Lamido to Goodluck Jonathan, he claimed that NNPC had not remitted $49billion from crude oil sales.
#NNPCAudit

International companies like Willbros and AAB have repeatedly admitted to paying bribes in millions of dollars to NNPC officials in the past.
#NNPCAudit

EFCC arrested the former NNPC GMD, Andrew Yakubu, and recovered $9million.
#NNPCAudit

Nigeria is currently using the 1969 Petroleum Act, which vested the entire ownership and control of all petroleum in, under or upon all land or Nigerian territorial waters in the Nigerian government.
#NNPCAudit

Under the current law, NNPC controls everything in the oil sector, NNPC is both an operator and a regulator, manages the oil assets owned by government, negotiates terms with operators, controls the...

#NNPCAudit

...importation of petrol into the country, handles the nationwide distribution of these products, issues licenses and permits and also set policies and regulations.
#NNPCAudit

NNPC's responsibilities are not only massive for an agency; there is a conflict of interest because NNPC is a referee who is also a player in the pitch, and this gives NNPC an unfair advantage over other operators,...
#NNPCAudit

...and it contributes to systemic corruption to wastefulness and even allegations of theft.
#NNPCAudit

Nigeria Natural Resource Charter(NNRC) in 2019 carried out another Benchmarking exercise report on NNPC, & the exercise was conducted with different criteria namely; Role and Funding, Corporate governance, Transparency & accountability, the result came out negative,..
#NNPCAudit

...and that was a repeat of what happened in 2017 with a slight difference.
#NNPCAudit

This has shown that NNPC’s failure is consistent; hence, there has to be a reform that will shape our petroleum industry as the industry's success relies heavily upon NNPC.
#NNPCAudit

Another interesting finding by the NNRC was that Petrobras with lower reserves generate more revenues and 26x profits than NNPC while subject to the biggest corruption investigation in its history...
#NNPCAudit

...and paying fines or making provisions in excess of US$10 billion on its balance sheet and still make profit. #NNPCAudit

Last year, the Nigerian National Petroleum Company (NNPC) released its audited financial statements for 2018, noting that its refineries recorded losses of N154 billion.
#NNPCAudit

NNRC noted that Petrobras still makes profit despite the high level of corruption because it's commercially driven even though the failure of governance and failure of accountability and transparency impacted its management and operational efficiency. #NNPCAudit

NNRC concluded that commercial efficiency is key to the health and sustainability of a National Oil Company.
#NNPCAudit

This means that corruption is not the only problem NNPC is facing. A good Petroleum Industry Bill (PIB) should be able to tackle this problem with the creation of commercial institutions that will be tasked with holding & managing the assets and interests of the Govt.
#NNPCAudit