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Reading: $3.3bn Crude-for-Loan Deal Legitimate, Transparent — Civil Society Coalition Defends Mele Kyari
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Africa Housing News > Blog > News > $3.3bn Crude-for-Loan Deal Legitimate, Transparent — Civil Society Coalition Defends Mele Kyari
Mele Kyari
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$3.3bn Crude-for-Loan Deal Legitimate, Transparent — Civil Society Coalition Defends Mele Kyari

Fesadeb
Last updated: 2025/04/25 at 6:41 PM
Fesadeb Published April 25, 2025
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A coalition of civil society organisations under the banner of the Coalition of Civil Society Organisations in Nigeria has thrown its weight behind former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, declaring the ongoing allegations and protests against him as politically motivated and unfounded.

The defence comes in the wake of sustained protests by the Concerned Citizens Against Corruption, who, from Tuesday through Thursday, demonstrated at the office of the Attorney General of the Federation, demanding Kyari’s prosecution over the $3.3 billion crude-for-loan agreement.

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Adding to the controversy, a consortium of lawyers on Friday submitted a formal petition to the Economic and Financial Crimes Commission (EFCC), urging an investigation into the former NNPCL boss.

However, addressing journalists at a press briefing in Abuja, civil society leaders — led by Tabuko Kennedy — described the public outcry as a “deliberate campaign of misinformation,” asserting that the crude-backed loan was a sovereign-backed, transparent commercial transaction designed to stabilise Nigeria’s forex market.

“This is not a scandal,” said Kennedy. “It is a legitimate financial arrangement involving Afreximbank, backed by the Federal Government of Nigeria, and approved by statutory institutions including the Ministry of Finance, Debt Management Office, and Office of the Attorney General of the Federation.”

The coalition insisted that every dollar in the transaction is traceable, rejecting claims of missing crude or diverted funds.

“These protests are politically sponsored. It is corruption fighting back. The reforms led by Mele Kyari rattled entrenched interests that benefitted from opacity in the oil sector,” the group alleged.

They further highlighted Kyari’s commitment to transparency, noting that his leadership ushered in unprecedented reforms, including the public release of NNPC’s audited financial statements for the first time in its history.

“That level of transparency is not the hallmark of corruption; it’s the hallmark of reform,” Kennedy added.

The group also referenced President Bola Ahmed Tinubu’s tribute to Kyari on his 60th birthday earlier this year, where the President lauded him as a “shining example” aligned with the ideals of the Renewed Hope Agenda.

The coalition concluded with a firm endorsement of Kyari, calling on critics to channel any allegations through legal institutions, rather than resorting to media trials and street protests.

“We will not stand by and watch a reformer be sacrificed on the altar of politics. If there is evidence of wrongdoing, let it be submitted through proper channels — not through mobs or manipulated headlines,” the coalition declared.

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Fesadeb April 25, 2025 April 25, 2025
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