Some retired cooperative members of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Lagos State Branch, have decried alleged misappropriation of their funds by the management committee of the multipurpose society.
Speaking at a media briefing in Abuja on Friday, the members said that they were yet to access their monies after years of retirement.
They called for a forensic audit of the NNPC Ltd. Lagos State cooperative account for transparency, justice and accountability.
Elder Ante Ante, the Leader of the Group and an NNPC Ltd. retiree, said that their colleagues were yet to receive their dividends and monies contributed since 10 years.
According to him, the essence of a cooperative society is to provide assistance, immediate or emergency solution to financial crisis of members.
Collaborating the misappropriation claim, he said that the cooperative society declared N96 million as surplus in 2021 but recorded a loss of N806 million by 2022.
“For up to 10 years, we have not received the normal dividend from this cooperative and yet, people have been and are still contributing on monthly basis.
“Those who run the societies just use our funds as if it is free money.
“Those who retired, who have needs, to even pull out their savings, were unable to because the money is not there.
“If you go for loan, they will tell you, wait, you want to withdraw, you can not get withdrawal, no dividend is paid,” he said.
Ante said that the current Caretaker Committee of the Lagos State Chapter of the cooperative society was constituted illegally without due process of a congress and Annual General Meeting (AGM).
He said that the cooperative was marred with crisis and misappropriation of funds.
He appealed to the management of NNPC Limited and the Lagos State Government to work with the group in the interest of the cooperative members.
“We want to tell the world that all is not well with this cooperative society.
“We want the management of NNPC Limited, Lagos State government, Ministry of Industry, Trade and Investment to cooperate with us.
“Monies have been wasted, our savings have been depleted just for people to keep themselves in office and we have documents to back all these things up,’’ he said.
Mr Odey Ochicha, an NNPC Limited retiree and a former President of the Lagos State Chapter of the cooperative society said that the group was on a rescue mission.
Ochicha, who said that the management committee was yet to hold an AGM since 2023, called for transparency, accountability, due diligence and justice to save cooperators funds.
He said that his over N10 million contributions to the cooperative was yet to be accounted for.
Mr Bob Manuel, a member of the group, said that he retired from NNPC Ltd. since 2020 but was yet to access his over N15 million.
“We have seen a lot of squandering of cooperatives investment. We are not here to witch-hunt anybody,’’ he said.
Mrs Bola Babalola, another NNPC Ltd. retiree and member of the group, frowned at alleged unfettered access to the cooperative funds by the members and misuse of members’ savings without proper accountability.
Babalola, who retired in 2021, said that the management committee of the cooperative was illegally constituted.
“The caretaker committee has been running the cooperative with impunity and without proper information and concern for the members,’’ she said.
