$3.3bn crude-for-loan deal legitimate, transparent, group defends Kyari

A coalition of civil society groups under the banner of the Coalition of Civil Society Organisations in Nigeria has described the recent protests and corruption allegations against the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, as baseless and politically motivated.

This comes amid ongoing protests led by the Concerned Citizens Against Corruption, who, between Tuesday and Thursday, stormed the office of the Attorney General of the Federation and Minister of Justice, demanding Kyari’s prosecution over the controversial $3.3 bn crude-for-loan deal among others.

Adding to the pressure, a group of lawyers on Friday submitted a petition to the Economic and Financial Crimes Commission, urging the anti-graft agency to investigate the former NNPCL boss.

However, speaking at a joint press conference in Abuja, pro-Kyari groups led by Tabuko Kennedy condemned what they called orchestrated attempts to tarnish Kyari’s image and legacy.

They maintained that the crude-backed loan agreement was a legitimate, sovereign-backed initiative meant to stabilise the economy during a period of significant forex volatility.

“This is not a scandal. It is a deliberate misrepresentation of a standard commercial transaction that predates this administration. The $3.3 billion crude-backed loan was executed with the involvement of Afreximbank and backed by the Federal Government of Nigeria.”

They stressed that the transaction was not carried out in isolation, noting that it was subjected to scrutiny and approval by various government bodies, including the Ministry of Finance, the Debt Management Office, and the Office of the Attorney General of the Federation.

“Every dollar involved in that deal is traceable. There is no missing crude, no diverted funds — just propaganda being pushed by political actors uncomfortable with the reforms Kyari championed in the oil sector,” the groups insisted.

Reacting to the street protests calling for Kyari’s probe, the coalition accused unnamed political interests of sponsoring the demonstrations in a bid to discredit his legacy and disrupt ongoing reforms in the petroleum sector.

“This is simply a case of corruption fighting back. Those who lost out due to the sanitisation of the system are trying to paint Kyari as a villain,” they alleged.

They hailed Kyari’s leadership at the NNPCL, citing the unprecedented publication of the company’s audited financial statements under his tenure as a milestone in transparency.

“For the first time in NNPC’s history, its financial books are audited and made public. That’s not corruption; that’s progress,” the coalition said.

The coalition also referenced President Bola Ahmed Tinubu’s public commendation of Kyari on his 60th birthday earlier this year, in which the president praised him as “a shining example and embodiment of the ideals of the Renewed Hope Agenda.”

They interpreted the statement as an indication that Kyari’s departure from the NNPC was a transition based on merit and not the result of wrongdoing.

Reaffirming their support, the groups declared, “We will not sit back and watch a reformer be sacrificed on the altar of politics. If anyone has evidence of wrongdoing, they should take it to the appropriate authorities, not to the streets or through sponsored headlines.”