SERAP To NNPCL: Account For Missing N825Bn, $2.5Bn Funds In AuGF Report
The Socio-Economic Rights and Accountability Project (SERAP), has demanded from the Nigerian National Petroleum Company Limited (NNPCL) to account for N825 billion and $2.5 billion allegedly meant for refineries repairs and rehabilitation.
SERAP specifically tasked Mr Mele Kyari, the Group Managing Director of the NNPC Ltd to explain and give detailed account to Nigerians for revenues that might have accrued to the organization.
The organisation said its demands are premised on the wake of concerns raised in the 2021 annual report of the Auditor-General of the Federation, which highlighted significant financial discrepancies involving “missing or unaccounted-for funds.”
It therefore called on Mr. Mele Kyari, Group Chief Executive Officer of the NNPC Ltd to explain the whereabouts of the funds and also urged him to identify those suspected of being responsible for the situation and ensure the individuals are handed over to anti-corruption agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and possible prosecution.
These were contained in a letter dated January 4, 2025 and signed by Kolawole Oluwadare, deputy director of SERAP in which he stressed that the grim allegations by the Auditor-General suggested a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s international obligations.
According to SERAP; “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty, and deprived them of opportunities.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.
“According to the recently published 2021 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N825 billion and USD$2.5 billion of public funds meant for ‘refinery rehabilitation’ and repairs, and other oil revenues. The Auditor-General fears that the money may be missing,” It stressed.
SERAP also welcomed the public invitation extended to former President Olusegun Obasanjo by Kyari to tour Nigeria’s refineries but, added that it is important to get the EFCC and ICPC involved to ensure transparency in refinery operations.
The organisation therefore tasked the NNPC Ltd to formally invite former President Obasanjo to tour Nigeria’s refineries and at the same time, extend such invitation to the EFCC and ICPC to monitor the operations of the refineries.
SERAP said that such a move aligns with Nigeria’s Constitution and international anti-corruption commitments.
