Onyebuchi Ezigbo in Abuja 

The Coalition of Civil Society Organisations in Nigeria (COCSON) and the Bloggers and Vloggers Content Creators Association (BAVCCA) yesterday condemned what they described as the calculated attempt to malign the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari, in relation to the $2 billion crude-for-loan deal.

A statement signed by National Mobillisation Officer of COCSON, Tabuko Kennedy and National Spokesperson of BAVCCA, Efe John Abayomi, described Kyari as true patriot who has done everything expected of him In a very difficult economic crisis Nigeria is facing.

“He stood for the greater good of all Nigerians instead of few cabals. He has been part of the solution to Nigeria’s foreign exchange challenge, a puzzle that nearly crumble the economy.

“Let us be clear: this is not a scandal — it is a structured misrepresentation of a standard commercial transaction that predates this administration and has been carefully supervised under the regulatory and sovereign structures of the Federal Government of Nigeria,” they said.

The group said the $3.3 billion Crude-Backed Loan was a Sovereign deal, adding that the transaction was executed in collaboration with Afreximbank and backed by the federal government.

According to the group, the initiative, “was designed to stabilise Nigeria’s foreign exchange reserves and provide a buffer against economic shocks — not to “mortgage Nigeria’s future” as ignorantly portrayed by politically motivated street protesters hired by ungrateful elements working against the progressive leadership of President Bola Ahmed Tinubu.”

They argued that Kyari was not acting alone in executing the deal, maintaining that every stage of the crude-for-loan framework was vetted by relevant agencies — including the Ministry of Finance, Debt Management Office, and the Attorney General’s Office. 

On the issue alleged missing crude, the COCSON and BAVCCA said there is zero evidence of crude diversion, missing shipments, or financial misappropriation. All proceeds and repayment schedules are transparent, documented, and auditable. 

“Anyone who has a valid case should first present a proof of his claims instead of taking Nigerians collective sense of judgement for a ride.

“The protest Is politically engineered. We have credible information that certain vested interests, threatened by the sanitisation of the oil sector, are sponsoring protests and media hysteria to derail reforms in the NNPCL, this is simple case of when you fight corruption, corruption fights back, these corrupt elements are merely fighting back the Mele Kyari reforms.

 “We call on our progressive President Bola Ahmed Tinubu to remain steadfast and not allow these desperate tactics to distract his government from the broader goal of sanitising the petroleum sector.

“If anyone has genuine proof of wrongdoing, let them present it through proper legal channels — not through sponsored headlines and mob protests.”

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