A group of retired employees of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has raised serious concerns about alleged large-scale financial mismanagement within the company’s Lagos State Multipurpose Cooperative Society. The retirees are calling for a forensic audit and demanding greater transparency and accountability in the cooperative’s operations.
At a media briefing held in Abuja on Friday, the retirees accused the cooperative’s current leadership of misappropriating members’ contributions and failing to follow due process in managing the society’s affairs.
Elder Ante Ante, who led the group, expressed frustration over the prolonged delays in accessing savings and dividends, particularly among retirees. According to him, despite continued monthly contributions by active members, many retirees have been denied access to their funds for over a decade.
“The cooperative declared a surplus of ₦96 million in 2021, only to report a shocking loss of ₦806 million in 2022, with no credible explanation offered,” Ante said. “Members deserve answers.”
He further alleged that the cooperative had been run like a “private estate,” pointing out that no Annual General Meeting (AGM) has been held since 2023. Many retirees, he said, are currently unable to access loans or withdraw their long-standing contributions—leaving them financially stranded.
Mr. Odey Ochicha, a former president of the Lagos Chapter of the cooperative, described the current situation as a “betrayal of trust.” He noted that his personal contribution of over ₦10 million remains unaccounted for.
“We’ve received no official statement, no audit, and no transparency. This is unacceptable,” Ochicha said.
Another member of the group, Mr. Bob Manuel, who retired in 2020, said he has been unable to retrieve more than ₦15 million of his savings. He emphasized that the retirees are not looking to target anyone personally but are united in their call for justice and financial accountability.
Mrs. Bola Babalola, another retiree, criticized what she called the “impunity” of the current caretaker committee, which she claims was installed without any congress or democratic process. She argued that the committee has been operating in secrecy, with members left completely in the dark about the status of their funds.
“This caretaker leadership was imposed, not elected. We have no voice in how our own money is managed,” she said.
The group is urging the management of NNPC Ltd., the Lagos State Government, and the Federal Ministry of Industry, Trade and Investment to urgently step in and address the situation before it spirals further out of control.
“Our mission is simple,” Elder Ante concluded. “We want a full forensic audit, transparency, and a return to proper governance. The time for silence is over.”
The unfolding situation underscores broader concerns about the governance of cooperative societies in Nigeria, particularly those tied to large institutions, and highlights the growing demand for accountability from retired civil and corporate workers who rely on such platforms for post-service financial security.
