The Socio-Economic Rights and Accountability Project (SERAP) has urged the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Bashir Ojulari, to account for the whereabouts of the alleged missing N500 billion revenue from crude sales and other income in 2024.
SERAP also urged Ojulari to invite the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the spending and whereabouts of the money.
The civil society organisation quoted a World Bank report that out of the N1.1 trillion revenue from crude sales and other income in 2024, accused the NNPCL of only remitting N600 billion, resulting in a deficit of N500 billion that remains unaccounted.
SERAP made the calls in a Freedom of Information request dated May 17, 2025, signed by its Deputy Director, Kolawole Oluwadare.
It also asked the petroleum company to ensure the money was fully recovered and remitted to the Federation Account without further delay.
The organisation further called on Ojulari to identify those suspected to be involved, surcharge them for the full amount, and hand them over to the ICPC and the EFCC for investigation and prosecution.
SERAP argued that there is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and the grave violations of the 1999 Constitution.
It also stated that the country’s oil wealth should be utilised solely for the benefit of the Nigerian people and the sake of present and future generations.
SERAP said, “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution of 1999 [as amended].
“Nigerians continue to bear the burden of these missing public funds from the NNPCL, which are meant for the country‘s economic development.
“We would appreciate the recommended measures being taken within 7 days of receiving or publishing this letter. If we do not hear from you by then, SERAP will consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.
“The missing oil revenue reflects a broader failure of accountability within the NNPCL and is directly linked to the institution’s ongoing failure to uphold the principles of transparency and accountability.”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations are founded on the principle that citizens should have access to information regarding the spending of their commonwealth.”
“SERAP notes that a recent groundbreaking judgment by the Supreme Court declared that the Freedom of Information Act applies to the Federation‘s public records, including those maintained by the NNPCL.
“SERAP is concerned that the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have documented reports for many years regarding the disappearance of oil money from the NNPCL.
“These allegations have undermined the country’s economic development, trapped the majority of Nigerians in poverty, and deprived them of opportunities.
“The NNPCL’s failure to remit the money to the Federation Account is a serious 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.
“Despite the country’s vast oil wealth, ordinary Nigerians have benefited very little from oil revenues, primarily due to widespread grand corruption and the entrenched culture of impunity among perpetrators.’’
SERAP averred that combating the corruption epidemic in the oil sector would alleviate poverty, improve Nigerians‘ access to basic public goods and services and enhance the government’s ability to meet its human rights and anti-corruption obligations.
“According to our information, the World Bank recently disclosed that of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted N600 billion, leaving a deficit of N500 billion unaccounted for.
“The revenue and other income were expected to be paid into the Federation Account and shared among all levels of government, but the NNPCL reportedly failed to do so.
“SERAP notes that Section 15(5) of the Nigerian Constitution of 1999 (as amended) requires public institutions to eliminate all corrupt practices and abuse of power.
“Section 13 of the Nigerian Constitution imposes a clear responsibility on the NNPCL to conform to, observe, and apply the provisions of Chapter 2 of the Constitution,“ SERAP stated.
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