A coalition of civil society groups has demanded an independent review of the Nigerian National Petroleum Company Limited after the company reported a ₦7.2 trillion profit after tax for 2025 — a 33 per cent jump from ₦5.4 trillion in 2024, achieved even as revenue fell 24 per cent to ₦34.5 trillion.

The Coalition for Public Accountability and Social Justice issued the call in a statement on Tuesday, signed by its National Coordinator, Engr. Lucas Yakubu, and National Spokesperson, Hon. Abimbola Oyeyemi. The group urged President Bola Tinubu to order the review and to clarify his position on the continued leadership of NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari.

For practitioners in Nigeria's energy sector, the demand matters because it targets the two levers that determine NNPC's credibility with investors and the Federation Account: disclosure of earnings and the fate of the state-owned refineries.

What does the coalition want investigated?

The statement lists specific requests rather than general grievances:

• An independent review of NNPCL's operations and financial records, covering financial transactions and governance.
• Referral of the issues to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
• Publication of detailed figures on earnings, operating cash flow, dividend payments and remittances to the Federation Account.
• An examination of reports alleging links between individuals associated with NNPCL's leadership and oil-block allocations.

The group also urged the EFCC to clarify the status of a petition reportedly submitted against Ojulari, referencing reports by TheCable on August 3, 2025, concerning financial dealings involving businessman Abdullahi Bashir-Haske.

Why does the ₦7.2tn figure raise questions?

The coalition's arithmetic challenge is straightforward: profit rose by a third while revenue dropped by nearly a quarter. It wants NNPCL to explain how that happened.

The group singled out the company's reported ₦7.1 trillion in sundry income. It asked management to break down how much of that sum came from petroleum operations, asset disposals, accounting adjustments and other transactions.

That breakdown matters because sundry income of ₦7.1 trillion almost equals the entire reported profit of ₦7.2 trillion. Without itemised disclosure, the coalition argues, the headline result cannot be verified against the company's core oil and gas business.

What about the refineries?

The coalition expressed concern that government-owned refineries remain shut despite substantial investments in rehabilitation. It cited Ojulari's reported disclosure that the Port Harcourt Refinery was recording monthly losses of between ₦300 million and ₦500 million before its shutdown.

The group demanded publication of three sets of details: total funds spent on refinery rehabilitation, the current condition of the facilities, and the measures taken to ensure accountability for the spending.

What happens if the government does not act?

The coalition warned that failure to address its concerns could trigger a mobilisation of civil society organisations for peaceful protests at three locations in Abuja: NNPCL Towers, the National Assembly and the Presidential Villa.

The statement urged Tinubu to direct the independent review personally and to take appropriate action where the findings require it.

The pressure arrives at a delicate moment for the national oil company. A profit declared alongside falling revenue, an unexplained ₦7.1 trillion in sundry income and idle refineries combines the three questions that most often precede parliamentary scrutiny in Nigeria: whether the numbers hold, whether the income is real, and whether the assets work.

NNPCL has not yet responded publicly to the coalition's demands. The EFCC and ICPC have likewise not announced any review of the transactions the group flagged.