Retired employees of NNPC Limited are raising serious concerns about the safety of their savings in the NNPC Staff Multipurpose Cooperative Society Limited, Lagos, amid a deepening leadership crisis within the organization.
Led by Elder Ante O. Ante, the retirees are appealing for urgent intervention from both NNPC management and the Lagos State Government. They allege that for more than six years, members have been unable to withdraw funds or receive dividends, fueling fears of gross mismanagement or possible loss of their contributions.
Speaking to journalists, Elder Ante condemned the current leadership of the Cooperative as illegitimate and called for a forensic audit of its financial records over the past six years. He also demanded the immediate removal of the current management.
“In 2021, the Cooperative claimed a suspicious profit of N96 million, only to report a shocking loss of N806 million in 2022,” Ante stated. “Since then, there’s been no Annual General Meeting, and transparency has completely collapsed.”
He further lamented, “A cooperative is meant to provide financial support to its members in times of need. But for nearly a decade, no dividends have been paid, despite continued monthly contributions. Retirees can’t access their own money loan requests are rejected, and withdrawals are impossible. It’s a financial deadlock.”
Former president of the Cooperative, Mr. Odey Ochicha, also voiced concern, revealing that his own savings are currently inaccessible.
“We’re here to salvage what’s left. Having served as both General Secretary and President, I know this is not how a cooperative should function. The internal conflicts and power struggles must end our priority must be restoring accountability and stability,” he said.
Other stakeholders, including Bola Babalola and Bob-Manuel Kons, joined the call for the immediate dismissal of the management team, currently led by Ojo Akindehinde, citing continued mismanagement and lack of transparency.
The retirees are now urging NNPC leadership and the Lagos State Government to step in swiftly to safeguard the hard-earned savings of thousands of members and restore confidence in the Cooperative.
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