The alleged case of fraud was discovered last January when the Petroleum Products Marketing Company, PPMC, another subsidiary of NNPC, needed to access the NNPC Retail’s petrol stored at the Capital Oil depot, to bridge the supply gap.

The products, about 100 million litres of petrol worth over 14 billion Naira, belonging to the NNPC Retail, were stored at the private depots under a throughput arrangement as part of the corporation’s strategy to build fuel reserves.

Those asked to step down are the Managing Director of the NNPC Retail, Esther Nnamdi-Ogbue; the General Manager (Operations) of NNPC Retail, Mamza Gwadabe; as well as Ibrahim Bello, another official of NNPC retail. However, the identity of the last person could not be confirmed.

A committee setup by the NNPC reportedly found the officials culpable and recommended their dismissal from service.

Following the recommendation, the Minister of State for Petroleum Resources, Ibe Kachikwu, and the management of the NNPC later decided to convert their dismissal to retirement.

The case and the officials are now to be referred to the Economic and Financial Crimes Commission for a full-scale investigation of the matter.