A group of retired staff of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has raised alarm over alleged large-scale financial misappropriation within the company’s Lagos State Multipurpose Cooperative Society, accusing its leadership of mismanaging member contributions and operating without due process.
Speaking at a media briefing in Abuja on Friday, the aggrieved retirees called for a forensic audit of the cooperative’s financial records and demanded accountability over what they described as unexplained losses and unpaid entitlements.
Platforms Africa reports that Elder Ante Ante, who led the group, said that for more than a decade, many retirees had been denied access to their savings and dividends, despite continued monthly deductions and contributions by active members.
“The cooperative declared a surplus of N96 million in 2021, but shockingly reported a loss of N806 million by 2022. Yet, no credible explanation has been offered,” Ante said.
He accused the current leadership of running the cooperative like a private estate, with no Annual General Meetings (AGMs) held since 2023, and warned that many retirees facing financial challenges were unable to access loans or even withdraw their funds.
“We have retirees who are in dire need of their money, yet they are told to ‘wait.’ No dividends, no withdrawals. It’s as if our savings have disappeared,” he added.
Another retiree, Mr Odey Ochicha, a former president of the Lagos State Chapter of the cooperative, described the situation as a betrayal of trust. He said his personal contribution of over N10 million remained unaccounted for, with no official statement on its status.
Mr Bob Manuel, who retired from NNPC Ltd. in 2020, said he had not been able to access over N15 million of his own funds. “We are not out to witch-hunt anyone,” he said. “We just want justice and accountability.”
Mrs Bola Babalola, another retiree and a member of the group, also condemned what she termed the “impunity” with which the caretaker committee has been operating, accusing them of running the cooperative without transparency or regard for due process.
“This caretaker committee was imposed without any congress or democratic process. Members have no say in how their money is used,” she said.
The retirees urged the management of NNPC Ltd., the Lagos State Government, and the Federal Ministry of Industry, Trade and Investment to intervene and rescue the cooperative from collapse.
“Our mission is simple: we want a full forensic audit, transparency, and a return to proper governance,” Elder Ante stated.