By Andrew Unutame
The Socio-Economic Rights and Accountability Project (SERAP) has demanded an immediate and transparent investigation into the alleged disappearance of ₦500 billion in oil revenue reportedly unremitted to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL).
This demand follows a recent World Bank report that exposed significant discrepancies in the company’s financial remittances.
In a Freedom of Information request dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization called on the Group Chief Executive Officer of NNPCL, Mr. Bayo Bashir Ojulari, to provide a comprehensive account of the missing funds generated between October and December 2024.
The World Bank had revealed that while the NNPCL generated ₦1.1 trillion in revenue from crude oil sales and other sources during that period, only ₦600 billion was remitted—leaving a ₦500 billion shortfall.
SERAP is urging Mr. Ojulari to disclose the whereabouts of the missing funds, identify all those involved, and ensure the money is fully recovered and handed over to anti-corruption agencies—the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC)—for investigation and possible prosecution.
The group also called on NNPCL’s leadership to proactively invite both agencies to carry out an in-depth audit and trace the usage of the unaccounted funds. SERAP warned that failure to take action within seven days of receiving or publishing the letter would result in legal steps to compel compliance.
SERAP stressed that the mismanagement of public oil revenues violates the 1999 Nigerian Constitution (as amended), the Freedom of Information Act, and Nigeria’s international anti-corruption and human rights obligations. The group further criticized NNPCL for allegedly withholding revenue that should have been allocated to states and local governments, worsening the impact of economic hardship on citizens.
SERAP concluded that the disappearance of the ₦500 billion reflects a broader failure in NNPCL’s commitment to accountability and transparency, calling it a betrayal of public trust and a barrier to national development.
Meanwhile, the International Monetary Fund (IMF) had recommended that savings from fuel subsidy removal should be directed toward national development—a move that underscores the importance of transparent financial governance.
