NNPC Cooperative in N500 million scandal

The Nigerian National Petroleum Corporation (NNPC) Cooperative Multipurpose Society Limited is enmeshed in crisis

- Over N500 million was alleged to have disappeared

- This reportedly happened under the watch of former president of the cooperative, Mr Joseph Adeleke Ojeyemi

A report by New Telegraph has revealed that the Nigerian National Petroleum Corporation (NNPC) Cooperative Multipurpose Society Limited is enmeshed in crisis.

NNPC director-general, Dr Maikanti Baru

According to the report, over N500 million allegedly disappeared under the watch of former president of the cooperative, Mr Joseph Adeleke Ojeyemi.

This period covered January 1, 2011 to December 2015.

The matter, which has since been reported to the Lagos state office of the Economic and Financial Crimes Commission (EFCC), and Ojeyemi has been arrested.

Some staff of the cooperative were said to have written an anonymous petition and distributed it to all and sundry until it got to the top hierarchy of the society, leading to internal and external auditors scrutinising the society’s accounts.

The petition stated in part: “As President of the society, Ojeyemi engaged in series of activities that were tantamount to embezzlement of the society’s fund and investment.”

The petition alleged diversion of funds and cooperative’s assets by Ojeyemi. He was also alleged to have collected N90 million loan from the cooperative.

A member said: “Ojeyemi has crippled the society so much that there are no funds to pay members.

“We heard that some staff of the society may be sacked due to lack of funds. Can you imagine that? He should refund our money!”

According to the external auditors, Abdullahi Bin Suleiman and Co, Chartered Accounts (ABS), the total amounts estimated to have been embezzled under Ojeyemi’s watch is N508,909, 388.80.

The ABS, which carried out a forensic audit of the society, stated in its report: “These figures may change as more revelations and investigations are made.

“We have seen funds transferred between the society and some related companies, individuals receiving funds and the society making payments to organisations and inflated prices of goods and services, and made payments to companies with limited or no trading history and very large cash withdrawals from the society’s bank account by Mr. Ojeyemi and some other individuals.”

ABS argued that further work was needed to support the EFCC and other law enforcement agencies in investigating these matters.