As Nigeria marks its 65th Independence anniversary, the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has urged the Federal Government to take bold action against entrenched cabals crippling the oil and gas sector.
In a statement signed by its Founder and Chairman, Governing Council, Dr. Iliyasu Gashinbaki, the Institute said its forensic analysis exposed how powerful interests, operating through proxy institutions such as the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and unions like NUPENG, PENGASSAN and DAPPMAN, created bottlenecks that fuel scarcity and import dependency.
“To break this vicious cycle, the government must adopt a four-pronged approach,” Gashinbaki said. “One, invoke all legal instruments, including the Petroleum Industry Act, to treat these obstructive actions as economic sabotage. Two, assert executive authority against any group holding our economy to ransom. Three, designate strategic national assets like the Dangote Refinery as critical infrastructure deserving maximum protection. And four, encourage more big private sector players to invest in the industry to create healthy competition as we have seen in the telecoms sector.”
Gashinbaki stressed that Nigeria has abundant resources to achieve energy independence. “Our forensic investigations confirm Nigeria possesses staggering reserves of over 37 billion barrels of oil and 208 trillion cubic feet of gas, resources capable of powering our nation, industrializing our economy, and securing prosperity for generations. Yet, our refineries in Kaduna, Warri and Port Harcourt stand as failed monuments, forcing us to export crude while importing expensive refined products in a paradoxical arrangement that drains our wealth.”
He described the Dangote Petroleum Refinery as a game-changer. “With the capacity to refine 650,000 barrels of crude daily, this world-class facility demonstrates what private enterprise can achieve where public institutions have failed.
“It promises to meet domestic fuel needs, position Nigeria as a net exporter, and offer hope to millions seeking freedom from our resource curse.”
