The Yoruba Council Worldwide (YCW) has written an open letter to President Bola Tinubu, urging him to urgently address the ongoing crisis among leading oil dealers in Nigeria.

The group said the dispute poses a serious threat to the nation’s economic stability and must be resolved immediately to prevent further damage.

In the letter signed by Aare Oladotun Hassan, President of the Yoruba Council Worldwide, the organisation accused certain oil cabals and union leaders of working to sabotage the economy through acts that contravene Section 317 of the Petroleum Industry Act (PIA).

The council called for a comprehensive forensic investigation into the activities of some local oil dealers, alleging sabotage, financial misconduct, and regulatory collusion within the sector.

Hassan said such an investigation would “restore sanity and transparency” and ensure long-term stability in Nigeria’s energy sector.

He proposed the introduction of a “Crude Exploration Nationalisation Policy Synergy Scheme,” which he said would help strengthen national control over oil exploration and curb market manipulation.

“We strongly condemn the recent malicious disruption that cost Nigeria an estimated ₦30 billion and was clearly aimed at worsening fuel scarcity and destabilizing price reforms,” the statement read.

The Yoruba Council Worldwide appealed to President Tinubu to take decisive action to protect national energy security and ensure accountability across the oil industry.