At last, it is here! Days of speculations are over; it is time for reckoning. Any moment from now, the books would be opened. Books containing all transactions of the Nigerian National Petroleum Corporation (NNPC), regarded in many quarters as a behemoth, would be opened.

For almost nine years, the corporation, which presides over – Oil - the backbone of the nation’s mono-cultural economy, has had the rare privilege of living in a world shielded, perhaps by official conspiracy, from a thoroughly agitated public. Sundry calls for a probe by individuals, civil society groups and public commentators have been rebuffed with impunity to the chagrin of many a Nigerian. But on Tuesday last week, the House of Representatives, in a unanimous decision, adopted a motion to probe the activities of the corporation and all its subsidiaries from 1999 till date.

Moving the motion, Hon. Halims Agoda from Delta State, on behalf of 95 others, expressed worry that the oil sector has remained the bedrock of the economy, yet problems of accountability, transparency and monopolistic tendencies were allowed to eat deep into the very fabric of the sector.

WORRIED NATION
Since the exit of Chief Olusegun Obasanjo’s administration on May 29, 2007, the word ‘probe’ has been on the lips of many Nigerians. From one sector of the economy to the other, the call for probe has continued to reverberate.

But among the sectors, one that is of particular interest to the people, is Petroleum. It was expected, considering that the nation’s economy is almost solely dependent on the petroleum sector.
The House subsequently set up a 26-member committee to carry out the assignment. Pundits believe that one can hardly predict what the findings of the committee will be in view of the can of worms that has already been opened in the power sector into which a whopping $16 billion was sunk without any commensurate reward.

Speaking after the inauguration of the committee, its leader who is also the House Committee Chairman on Gas, Hon Igo Aguma, was emphatic that there would be no sacred cows, insisting that anybody who had dealings with the sector would be made to testify.
According to him, “we have to determine the quantity of oil and gas we have, how many barrels that have been refined and also examine the operations and activities of the DPR, NNPC and its subsidiaries”.
He said Nigerians have been getting less than the desired results despite the increase in the price of crude in the international market.

Tongues are already wagging that the probe will certainly lead to stunning revelations of what transpired within the period in question.
It will be recalled that between 1999 and 2007, the immediate past president, Obasanjo, was the nation’s de-facto Minister of Petroleum.

RUMOURS & MINISTERIAL GRUMBLE
Not long ago, Managing Director of NNPC, Alhaji Lawal Abubakar Yar’Adua criticized Obasanjo over the manner his administration conducted the affairs of the nation’s oil industry. He said the former president concentrated the oil sector in the hands of a few power brokers. Yar’Adua said Obasanjo’s administration did not allow NNPC staff to contribute to the process that ensured the selling the companies to potential buyers.

In 2003, after the elections, there were rumours that the Obasanjo administration laundered money through the NNPC when Gaius-Obaseki was heading the corporation. The rumour was that about N320 billion was siphoned from NNPC to sponsor Obasanjo’s second term in office.

Sources revealed that the House of Representatives had set up a committee to probe the corporation then, but that it could not push the report forward as the former president was still in power.
In the last administration, many contracts for Turn Around Maintenance (TAM) could not achieve results even after huge sums of money had been paid for such projects. On the eve of Obasanjo’s exit, he was said to have also approved the sale of the Port Harcourt Refinery to people believed to be his cronies at very ridiculous sums of money.

It would be recalled that the Chairman of Sadiq Petroleum, Sir Peter Okocha had petitioned the National Assembly alleging that the former president ordered the swapping of the debt equity of African Petroleum (AP). The move, according to his petition, was to pave way for Zenon Oil, owned by his associate, Femi Otedola, to buy the company.

The making of a behemoth
The Nigerian National Petroleum Corporation, NNPC, was established on April 1, 1977, under the statutory instrument-Decree No.33 of same year by a merger of Nigerian National Oil Corporation (NNOC), with its operational functions and the Federal Ministry of Mines & Power with its regulatory responsibilities. This decree established NNPC, a public organization that would, on behalf of Government, adequately manage all government interests in the Nigerian Oil industry.
In addition to its exploration activities, the Corporation was given powers and operational interests in refining, petrochemicals and products transportation as well as marketing. Between 1978 and 1989, NNPC constructed refineries in Warri, Kaduna and Port Harcourt and took over the 35,000-barrel Shell Refinery established in Port Harcourt in 1965.

In 1988, the NNPC was commercialised into 12 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments. The subsidiary companies include:
National Petroleum Investment Management Services (NAPIMS), Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company (NGC), The Products and Pipelines Marketing Company (PPMC), Integrated Data Services Limited (IDSL), Nigerian LNG limited (NLNG), National Engineering and Technical Company Limited (NETCO), Hydrocarbon Services Nigeria Limited(HYSON), Warri Refinery and Petrochemical Co. Limited (WRPC), Kaduna Refinery and Petrochemical Co. Limited(KRPC).

Port Harcourt Refining Co. Limited (PHRC) and Eleme Petrochemicals Co. Limited (EPCL).
In addition to these subsidiaries, the industry is also regulated by the Department of Petroleum Resources (DPR), a department within the Ministry of Petroleum Resources. The DPR ensures compliance with industry regulations; processes applications for licenses, leases and permits, establishes and enforces environmental regulations. The DPR, and NAPIMS, play a very crucial role in the day-to-day activities throughout the industry. But of recent, there were some ‘re-engineering’ to streamline the activities of the corporation.

HIGH EXPECTATION
Expectations among Nigerians are already very high, not necessarily in terms of getting something spectacularly different from the usual discoveries of mind bugling facts but nothing concrete coming out of such finds.
The excitement in the air is that at least, the cloaks of sacredness, of an exception and beyond review have all been removed from the sector of the economy that is very crucial. Speaking with Sunday Sun, constitutional lawyer, Mr. Fred Agbaje commended the lawmakers for the courage to dig into the sector. He prophesied that in a volcanic manner, what would be dug out would baffle Nigerians insisting that all the signs that there have been shady dealings of monumental proportion going on in the oil sector are very manifest.

“First, we must commend the courage of the members of the House; then I can assure you that a volcano is about to erupt. You won’t be surprised and I won’t be surprised at what would be dug out. The signs coming from a big corporation like the NNPC, saddled with oversight of a very important sector to the economy of the country have been very disturbing. Let us wait and see. We have always said that the greatest corruption is going on inside the NNPC. Let us wait and see how OBJ as minister of petroleum for all the period presided over the place. Nigerians want him and others to render account”, he said.
But a lawmaker from Osun State in the House of Representatives who would not want his name mentioned said that it was wrong to assume that Obasanjo or anybody for that matter would be found guilty or culpable, he insisted that the nation must wait till the end of the probe but agreed that much would be discovered.

As the nation waits for the commencement of the 26-man committee, the question is would two months be enough to unravel all the goings on in the NNPC for eight or nine years and whether accurate figures of what is produced, refined and exported would now be established.