National Observatory, a civil society group that claims to be the nation’s conscience, has picked holes in the recent procurement of a three billion dollars ‘Emergency Crude Re­payment Loan from the Cairo, Egypt-based, African Export-Im­port Bank (Afrexim Bank) by the Nigeria National Petroleum Corporation Limited.

The huge loan, whichh it not­ed, was ostensibly to shore up support for the national cur­rency and stabilise the nation’s foreign Exchange Market, had exposed the deep gaps in Nige­ria’s corporate governance sys­tem and values.

The group, in a statement signed by Debo Adeniran, its President, and Omotaje Ola­wale Saint, the Administrative Secretary, stated: “It calls into fore dire necessity for overhaul of our political idiosyncrasies, imperatives for a paradigm shift socio-economic orientations and policy thrusts.

“If we as a collective are suffering from induced drowse as a result of high dosage of a peculiar amnesia drug, we should be fully conscious that erstwhile Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, is having his days in the court answering for various accusations bordering on economic sabotage.”

It noted that the CBN had been carrying out forensic audit of what it termed “the fiducially recklessness” during the pen­dency of Emefiele’s headship.

The group stated that most of the infractions, which Emefiele was being investigated, were committed with active compla­cency, if not complicit, by these global financial institutions’ players.

It said: “For instance, Presi­dent Muhammadu Buhari gave a similar loan to shore up the naira against dollars without following due process.”

It said the loan under Buhari had no approval by requisite bodies, and was without the knowledge of the Federal Ex­ecutive Council, National Eco­nomic Council, or the National Assembly.

“This NNPC Ltd $3 Billion loan from Afrexim is gotten in the same way and manner that CBN under Emefiele conducted its affairs – with utter disrespect to the constitution, disdain for the nation’s sovereignty and ar­rogant dis-interestedness in the plights of pulverized Nigerian citizens.

“The question on the lips of all sane Nigerians is: What is a private limited liability compa­ny, NNPCL, doing getting a loan from a sovereign state?

“Is the NNPC Limited now the Central Bank of Nigeria? This loan does not just usurp the duties of the Central Bank, it is also conducted in veil of con­spiratorial secrecy. A vexatiously notorious trait of the NNPC labyrinth.

“All Nigerians, including CSOs, investigative journalists, and independent investigations are challenged to pierce the veil, expose the promoters, profiteers, and beneficiaries of the ubiqui­tous NNPC.

“The corporation is derelecting in its corporate responsibilities to run a thriving business enterprise generating much needed foreign exchange reve­nues for the country, none of the four refineries in its profile pro­duces a drop of Premium Motor Spirit (Petrol) for the country.

“All registered corporate firms submit annual audited accounts to their Annual Gener­al Meeting (AGM) for thorough scrutiny and approvals.

“This is what institutional and public probes are designed to achieve in public or qua­si-public corporations like the NNPCL.

“Since the 1956 discovery of crude oil in Oloibiri, Ogbia Lo­cal Government Area of Bayel­sa State, it has become what has been generally tagged as the ‘Blessing/Curse’ of the nation. (Sunday Independent)