The Nigerian National Petroleum Corporation Limited (NNPC Ltd) is at the center of a storm of controversy following a shocking revelation of $6.8 billion in debt. The APC Youth Solidarity Network has now demanded the resignation of Mele Kyari, the Group Chief Executive Officer (CEO) of NNPC Ltd, over this financial debacle. This article explores the reasons behind the Mele Kyari resignation demand, the implications of the debt scandal, and the call for leadership change.
Debt Revelation and Leadership Criticism
At a recent press conference in Abuja, Olalekan Isaac, President of the APC Youth Solidarity Network, criticized Mele Kyari’s leadership, calling it a “failure.” Isaac was dismayed that NNPC Ltd had initially denied any significant debt, only to later admit to a staggering $6.8 billion liability. This revelation came just 14 days after the company disclaimed a financial report suggesting no profits.
“The admission of such a massive debt is a serious embarrassment not only for NNPC Ltd but also for Nigeria and the ruling All Progressives Congress (APC),” Isaac stated. He emphasized that Mele Kyari’s resignation demand stems from a perceived failure to uphold transparency and accountability—qualities essential for managing a state-owned enterprise of this magnitude.
Read Also: NNPC’s Debt Impact: $6 Billion Disrupting Nigeria’s Petrol Supply
Governance Concerns and Fiscal Mismanagement
Isaac and the APC Youth Solidarity Network have raised strong concerns about governance at NNPC Ltd. They criticize Kyari’s leadership for its lack of transparency and accountability. Specifically, they argue that the management under Kyari has been problematic and demands urgent reform. Additionally, they accuse him of lacking fiscal prudence, highlighting significant mismanagement.
This criticism is compounded by Nigeria’s reliance on imported fuel despite the commissioning of the new 650,000-barrel-per-day Dangote Refinery. Consequently, the NNPC’s financial issues continue to cause worry. The APC Youth Solidarity Network emphasizes that these ongoing problems are especially troubling.
“The current governance issues at NNPC Ltd have exposed the nation’s economic vulnerabilities and have undermined public trust in the management of our national resources,” Isaac added.
The Mele Kyari resignation demand is a direct response to these pressing concerns. The APC Youth Solidarity Network insists that the time has come for a leadership change to address these deficiencies and restore accountability.
Read Also: How Dangote Refinery Could Alleviate Nigeria’s Forex Crisis
Call for Resignation and Investigation
In light of these issues, the APC Youth Solidarity Network has urged President Bola Tinubu to expedite Mele Kyari’s resignation. They believe that immediate action is necessary to address the situation effectively. Furthermore, they demand a thorough investigation into NNPC Ltd’s financial practices. The group stresses the need for new leadership that embodies integrity and transparency to restore public confidence and ensure effective management of Nigeria’s oil resources.
“We urge President Tinubu to act swiftly and decisively in addressing this leadership failure. It is imperative that NNPC Ltd is led by individuals who demonstrate a commitment to exemplary governance and accountability,“ Isaac concluded.
Read Also: Wike Threatens PDP Governors with Political Firestorm
Conclusion
The demand for Mele Kyari’s resignation marks a critical moment for NNPC Ltd and Nigeria’s oil sector. The $6.8 billion debt scandal has highlighted significant governance and fiscal management issues, prompting calls for immediate action. As Nigeria faces this crisis, the Mele Kyari resignation demand highlights a larger issue, the pressing need for transparency and accountability in managing the nation’s resources.
