Members of the NNPC Staff Cooperative Multipurpose Society are calling for urgent intervention amid growing concerns about financial mismanagement, illegal interference, and disregard for court orders within their organization. The controversy revolves around an alleged N806 million discrepancy in the cooperative’s 2022 financial records. Despite ongoing demands from members, the Management Committee has reportedly failed to release financial statements or hold a proper Annual General Meeting for over two years, raising red flags about transparency and accountability.
At a recent press briefing in Abuja, a former president of the cooperative, Elder O. Ateh, revealed that attempts to initiate an independent forensic audit were obstructed by the current committee. He also accused the Lagos State Ministry of Commerce, Cooperative, Trade, and Investment of complicity in enabling what he described as “misappropriation” of members’ savings.
The situation escalated when the Ministry stepped in to dissolve the elected committee and install a caretaker team, an action members say bypasses the due process outlined in cooperative regulations. The newly appointed committee has since altered the cooperative’s bank mandates and initiated several questionable financial transactions, including a N1 million payment to a contractor for a project that allegedly failed, and an N180 million transaction tied to a controversial initiative.
Members claim that the imposed committee’s actions have only deepened suspicions, as financial decisions are now made without proper consultation or accountability. In a joint statement, aggrieved members described the ordeal as one of the darkest chapters in the cooperative’s history, warning that the savings of over 4,000 members are at risk. “These are life savings, money people planned to rely on in retirement or emergencies. The level of secrecy and disregard for members’ rights is unacceptable,” the statement read.
They also questioned the Ministry’s role in the matter, alleging bias and overreach. “An external audit firm should be selected by members, not imposed by the Ministry or any faction with vested interests,” they said. “It’s the members who bear the financial burden, and they deserve transparency.”
Adding to the tension are multiple court cases challenging both the impeachment of the current president and the legality of the caretaker committee. Members allege that despite court injunctions, the Ministry and caretaker team have continued their operations, ignoring judicial orders and undermining legal processes.
The group is now demanding a full independent audit, reinstatement of democratic decision-making, and accountability from both the Lagos State Ministry and those managing the cooperative’s funds. Their message is clear: the fight is not just about lost funds—it’s about restoring trust, transparency, and the integrity of a cooperative meant to safeguard members’ futures.