- The Independent Petroleum Marketers Association criticized NNPC for obtaining a $3B loan for Naira stabilization, alleging misuse of power
- IPMAN’s Rivers State Chairman noted NNPC’s deviation from energy security duties, accusing it of crossing into financial matter
The Nigerian National Petroleum Company Limited (NNPCL) has been chastised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) for securing a $3 billion loan to stabilize the Naira.
In a statement, the IPMAN Chairman in Rivers State, Dr. Joseph Obele, described NNPCL’s action as “the highest degree of abuse of power and arbitrary allocation of funds.”
Obele stated that as time has passed, it has become clear that the legal principles of division of labour have been dismantled.
The IPMAN Chairman, who stated that NNPCL was supposed to focus on energy security while the CBN focused on financial security, accused the company of failing to secure the energy sector due to its inability to refine crude oil in Nigeria.
He said:
NNPC securing a loan of $3 billion for the purpose stabilising the Naira is the highest degree of abuse of power and arbitrary allocation of funds. It is now clear that the principles of division of labour as stipulated by law has been dismantled.
It is an act of omission or unlawful act done in an official capacity by NNPC.The NNPC loan Press statement has triggered scholars of the oil and sector to a research to ascertain how Financial stability concerns the duties of NNPC.
The least educated person can tell you that the duties of NNPC amongst many includes focusing on energy transition while ensuring domestic energy security by ensuring regular supply of products.
On the other side, the Responsibilities of CBN is to be proactive in providing a stable framework for the economic development of Nigeria through the effective, efficient and transparent implementation of monetary policies and protecting the Naira against international currencies.
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