The Socio-Economic Rights and Accountability Project (SERAP) has again beamed its lights on the Nigerian National Petroleum Company Limited (NNPC Ltd), demanding that the management of the company should avail the nation detailed explanations over the whereabouts of ₦500 billion that was allegedly not remitted to the Federation Account between October and December 2024.
SERAP said that its demand is predicated on a recent disclosure by the World Bank which revealed that while the NNPCL generated ₦1.1 trillion from crude oil sales and other sources within the last quarter of 2024, only ₦600 billion was accounted for.
SERAP stressed that the ₦500 billion shortfall has therefore raised serious concerns about transparency and financial accountability within the oil sector.
Upon a Freedom of Information Act request dated May 17, 2025, SERAP asked the Group Chief Executive Officer of NNPCL, Mr. Bayo Bashir Ojulari, to account for the missing funds, identify officials suspected to be responsible, as well as invite the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a thorough investigation.
SERAP in a statement by Kolawole Oluwadare, Deputy Director, noted that there is a legitimate public interest in explaining the whereabouts of the alleged missing ₦500 billion oil money which it noted amounts to grave violations of the Nigerian Constitution 1999.
The organisation stressed that Nigeria’s oil revenues should be used solely for the benefit of the people, adding that the failure to remit such a significant amount has denied both state and local governments of their lawful allocations and undermined public service delivery.
It noted that Nigerians are bearing the brunt of the mismanagement of public funds, especially amid the current economic hardship and rising cost of living, stressing that unless there is full transparency and restitution, the economic plight of Nigerians may further deteriorate.
While citing constitutional provisions, including Sections 13 and 15(5), as well as anti-corruption laws, SERAP emphasised that the government has a legal obligation to uphold transparency and eliminate corruption in public institutions. SERAP particularly referenced a recent Supreme Court ruling that affirmed the applicability of the Freedom of Information Act to public records held by institutions like the NNPCL.
SERAP while describing the current situation as a reflection of a broader systemic failure within NNPCL to adhere to principles of openness and accountability, said that the case is not isolated, as previous reports by the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have highlighted recurring issues with oil revenue accountability.
SERAP therefore issued a seven-day ultimatum to the NNPCL to respond, warning that if no action is taken within the timeframe, it will pursue legal measures to compel the company to disclose information and ensure the recovery of public funds.
It further said; “The failure by the NNPCL to remit the money to the Federation Account is a grave violation of public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption”.
SERAP stressed that recovering the missing funds would contribute to reducing poverty, improving access to essential services, and restoring public confidence in government institutions.
