A group of retirees from the Nigerian National Petroleum Company (NNPC) has raised serious concerns over the mismanagement of funds in the NNPC Staff Multipurpose Cooperative Society Limited, Lagos.
The retirees fear that their savings may have been lost following a prolonged leadership crisis within the cooperative, which has left members unable to withdraw their savings or receive dividends for over six years.
They also stressed the urgent need for institutional reforms within NNPC cooperative societies to safeguard the financial welfare of both serving and retired staff members. The retirees called for a forensic audit and legitimate AGM as a critical step toward restoring trust and accountability in managing cooperative funds.
At a press conference held in Abuja yesterday, key retirees, led Elder Ante O. Ante; a former president, Mr. Odey Ochicha and Engr. Bob-Manuel; Comrade Bola Babatunfe among others, detailed years of financial neglect, internal crises, and calls for urgent intervention by NNPC management and Lagos state government.
Chairman of the retirees’ group, Elder Ante Ante, called for an immediate forensic audit of the cooperative’s accounts covering the past six years and demanded the removal of the current management, which he described as illegitimate.
He highlighted alarming financial discrepancies, noting that the cooperative declared a profit of N96 million in 2021 but reported a loss of N806 million in 2022.
Since then, no annual general meeting (AGM) has been held, deepening fears of financial impropriety and loss of members’ contributions.
The retirees emphasised that the cooperative’s purpose is to provide financial assistance to members, but the ongoing crisis has prevented them from benefiting from their contributions. They have appealed for intervention from both NNPC management and the Lagos State Government to resolve the crisis and safeguard their savings.
The chairman accused the cooperative’s management committees of treating members’ funds as “free money” for personal gain, with executives living lavishly while ordinary members suffer. He revealed that the highest governing body, the Congress, which is supposed to meet biannually, has often been ignored for years, leading to unaccountable leadership and factional disputes.
The cooperative’s Lagos branch has been embroiled in internal conflicts since the last election in December 2022. The management committee quickly fractured over self-interest, leading to intervention by both NNPC management and the Lagos state government. These authorities sided with one faction, impeached the sitting president, and installed a caretaker committee without member consent or transparency.
Elder Ante condemned the caretaker committee and subsequent election held in March 2024 as illegitimate and illegal. He declared the current leadership under Mr. Ojo “not recognised” by genuine members, accusing him of misappropriating cooperative funds. The retirees emphasized that this factionalism and court battles have depleted members’ savings and frustrated any hope of resolution.
The retirees were united in demanding a return to the legitimately elected management committee from December 2022. They called for a comprehensive forensic audit to uncover the true state of the cooperative’s finances and investments. “We want to understand the true and fair value of the Lagos society so the rightful committee can give proper account to members,” said Elder Ante.
Following the audit, they intend to hold a genuine Annual General Meeting (AGM) where members can elect a new, transparent leadership committed to accountability and responsible management.
While the focus is on Lagos, the retirees revealed that similar problems plague other NNPC cooperative branches, including Abuja and PPMC. In Abuja, leadership disputes have also prevented smooth handovers and effective governance, with NNPC management reportedly transferring committee members to resolve conflicts temporarily.
Engr. Bob-Manuel, a retired NNPC staff since 2020 and vice chairman of the retirees’ group, shared his personal frustration over inaccessible savings accumulated over six years. “The N15 million I saved could have bought two Prado cars. Now, even if returned, it won’t have the same value. We have witnessed squandering of cooperative investments, and yet deductions continue,” he lamented.
The retirees described their gathering as a “rescue mission” to reclaim their rightful savings and restore the cooperative’s integrity. They appealed to the media, government agencies, and the public to support their cause for justice, transparency, and proper management.
“Our savings have been depleted just for people to keep themselves in office. We have documents and court cases to back this up,” Elder Ante concluded. “We can no longer continue to fall apart. We want the management of NNPC and Lagos state government to cooperate with us to rescue the cooperative and return whatever is left of our savings to members.”
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