A group of retired members of the Nigerian National Petroleum Company Limited (NNPC Ltd.) Cooperative Society in Lagos State has raised alarm over alleged massive misappropriation of funds, demanding an urgent forensic audit and intervention from the authorities.
Speaking at a press conference in Abuja on Friday, the retirees accused the management of the cooperative society of mismanaging member contributions and denying access to their long-saved funds, despite years of service and retirement.
“For up to 10 years, we have not received the normal dividend from this cooperative and yet, people have been and are still contributing on a monthly basis,” said Elder Ante Ante, a retired NNPC staff and leader of the aggrieved group.
Ante revealed a troubling financial discrepancy: while the cooperative declared a surplus of N96 million in 2021, it shockingly reported a loss of N806 million by 2022. “Those who run the societies just use our funds as if it is free money,” he said.
He added that the current caretaker committee leading the Lagos chapter of the cooperative was illegally installed, without due process such as a congress or Annual General Meeting (AGM). “We want to tell the world that all is not well with this cooperative society,” Ante said.
“Our savings have been depleted just for people to keep themselves in office.”Mr. Odey Ochicha, a fellow retiree and former President of the Lagos Chapter, said he had over N10 million in contributions that remain unaccounted for.
“This is a rescue mission,” he stated, urging the NNPC Ltd. management and relevant government bodies to enforce transparency and justice.Another retiree, Mr. Bob Manuel, said he retired in 2020 but is yet to access over N15 million in his account.
“We have seen a lot of squandering of cooperative investments. We are not here to witch-hunt anybody,” he noted.Mrs. Bola Babalola, who retired in 2021, also criticized the caretaker committee for “running the cooperative with impunity” and misusing funds without proper accountability.
The retirees called on the NNPC Ltd. management, the Lagos State Government, and the Ministry of Industry, Trade and Investment to investigate the matter and safeguard members’ funds.
“The cooperative has not held an AGM since 2023,” Ochicha emphasized. “We are simply asking for transparency, accountability, and the return of our rightful contributions.”
