NNPC Retirees Cry Foul Over Alleged ₦800m Cooperative Loss, Demand Forensic Audit and Reforms
Retired members of the NNPC Ltd. Multipurpose Cooperative Society, Lagos Chapter, have raised serious allegations of financial misappropriation, prolonged non-payment of entitlements, and governance irregularities. The aggrieved retirees are calling for a forensic audit of the cooperative’s finances and an immediate intervention by the NNPC management and relevant regulatory authorities.
At a press briefing in Abuja on Friday, the retirees, led by Elder Ante Ante, accused the cooperative’s management of operating with impunity, zero transparency, and a disregard for corporate governance principles, even as they continue to collect monthly contributions from members without disbursement of dividends or access to savings.
“The essence of a cooperative is to protect members in times of need. For over 10 years, many of us have not received our entitlements, yet contributions continue. The system has collapsed,” Ante declared.
From ₦96m Surplus to ₦806m Deficit: A Cooperative in Crisis
One of the most damning revelations was the alleged financial deterioration of the society, which declared a surplus of ₦96 million in 2021, only to record a staggering ₦806 million loss in 2022—a turnaround the retirees describe as “financial sabotage.”
“Our funds are being treated as free money,” Ante said. “Loans are denied, withdrawals are frozen, and dividends are nonexistent. Retirees facing medical and family emergencies can’t access their own savings.”
Governance Breach: Illegal Caretaker Committee Under Fire
The retirees also questioned the legality of the current caretaker committee running the cooperative, which they claim was installed without a Congress or Annual General Meeting (AGM)—a direct breach of cooperative statutes.
“The last AGM was held in 2022. Since then, there has been no financial disclosure, no elections, and no accountability,” said Mr. Odey Ochicha, a former president of the Lagos Chapter.
“The group running the show lacks legitimacy and continues to squander investments without oversight.”
The retirees called on the NNPC management, Lagos State Government, and the Federal Ministry of Industry, Trade and Investment to immediately intervene and institute reforms to safeguard members’ funds.
Multi-Million Naira Contributions Unaccounted For
The retirees’ testimonies paint a picture of widespread mismanagement. Mr. Bob Manuel, retired since 2020, said he has yet to access over ₦15 million of his contributions.
Mr. Ochicha said over ₦10 million in personal contributions remain untraceable.
“This is not a witch-hunt. It’s a demand for justice. People’s life savings are at stake,” Manuel stated.
Mrs. Bola Babalola, another retiree, accused the caretaker committee of operating with unfettered access to funds and little regard for members’ welfare.
“There’s no transparency, no communication. The committee is acting with impunity and has refused to account to members,” she said.
BRANDECONOMY Analysis: Systemic Breakdown in Cooperative Governance
This unfolding crisis at the NNPC Cooperative Society underscores deeper challenges in Nigeria’s labour-friendly financial institutions—from weak regulatory oversight to entrenched leadership without accountability.
Cooperatives—designed to offer financial cushioning for workers and retirees—are now plagued by operational opacity, leading to erosion of trust among members and endangering the financial security of retirees, many of whom rely on these platforms for post-service sustenance.
“If this can happen at NNPC—a flagship institution in Nigeria’s oil economy—it raises serious questions about the state of cooperative management across public sector institutions,” a labour policy expert told BRANDECONOMY.
BRANDECONOMY Insight
🔍 The NNPC retirees’ outcry is not just about unpaid entitlements—it’s a cautionary tale about what happens when member-owned institutions become disconnected from their fiduciary obligations. Cooperatives must either reform, or risk irrelevance in Nigeria’s evolving social finance landscape.
KEY ISSUES
- Unpaid Dividends & Frozen Withdrawals: Spanning up to a decade
- Financial Decline: From ₦96m surplus in 2021 to ₦806m loss in 2022
- Governance Crisis: Caretaker committee installed without AGM or election
- Call to Action: Forensic audit, management overhaul, and state intervention
Stay with BRANDECONOMY for exclusive updates on labour finance systems, pension-related governance, and cooperative reform across Nigeria’s public sector institutions.
