Post by Francis Onabis (@Onabis)

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The Problem with NNPC
For decades, the Nigerian National Petroleum Company Limited (Nigerian National Petroleum Company Limited) has occupied a unique position in Nigeria's economy. Created to manage the nation's petroleum resources, it was expected to operate in the interest of all Nigerians. Yet, many citizens increasingly view the organization as a state within a state—powerful, opaque, and often insulated from meaningful public scrutiny.
The central question is simple: why has an institution established to manage Nigeria's oil wealth not translated that wealth into broad-based prosperity for the majority of Nigerians?
Critics argue that one of the enduring problems is the culture of patronage surrounding the company. Employment, appointments, and contracts have long been perceived by many as being influenced by political connections rather than merit. Whether entirely true or not, this perception has damaged public confidence and fostered the belief that access to NNPC is often a pathway to privilege and wealth.
Another concern is the role NNPC plays beyond its core mandate. Rather than focusing solely on efficiently managing petroleum assets and maximizing returns for the nation, the company has often been involved in activities such as road construction, educational projects, and other interventions that many believe should be funded and managed through normal government budgeting processes. Critics contend that every naira generated from crude oil sales should be transparently accounted for and remitted according to established laws, allowing elected institutions to determine how those funds are spent.
The issue of Nigeria's refineries remains perhaps the most visible symbol of the country's petroleum paradox. Billions of dollars have been spent over the years on rehabilitation, maintenance, and turnaround projects, yet the country has continued to rely heavily on imported refined products. For many Nigerians, the repeated expenditure on facilities that have failed to consistently deliver results raises legitimate questions about accountability, planning, and oversight.
Equally important is the question of joint ventures with international oil companies. In 2026, some ask why Nigeria still relies on partnerships with foreign firms for the exploration and production of its oil resources. The answer is complex. Modern oil and gas operations require enormous capital investment, advanced technology, technical expertise, and risk-sharing arrangements. Joint ventures allow NNPC to access these resources while spreading financial and operational risks.
However, the existence of joint ventures should not prevent Nigeria from building stronger indigenous capacity. After more than six decades of oil production, many Nigerians reasonably expect a national oil company that can compete globally, operate efficiently, and lead major projects with less dependence on foreign partners.
The real challenge is not whether NNPC should exist, but whether it can evolve into a truly commercial, transparent, and accountable enterprise. Nigerians deserve clear answers on crude oil revenues, refinery expenditures, subsidy-related costs, and investment decisions. Transparency is not merely good governance; it is the foundation of public trust.
Nigeria's oil belongs to the Nigerian people. Any institution entrusted with managing that resource must be judged not by the size of its budget or the influence of its executives, but by a simple measure: whether the nation's vast petroleum wealth improves the lives of ordinary citizens.
Until that question can be answered convincingly, the debate over NNPC's role and performance will continue.

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