Rights Group Asks Akpabio To Reveal Suspect Names In Alleged N210trn Missing Funds

The Socio-Economic Rights and Accountability Project (SERAP) has urged Senate President Godswill Akpabio to instruct the Public Accounts Committee to disclose the names and titles of all officials linked to the alleged missing N200 trillion from Nigerian National Petroleum Company Limited (NNPCL), regardless of their social or political status.

SERAP also called on him to advise the Committee to fully disclose investigation details, including audit reports, financial documents, official communications, and timelines for officials’ testimonies and the investigation’s conclusion.

The civil society organisation, in an open letter dated March 21, 2026, and signed by its Deputy Director, Kolawole Oluwadare, further called for the publication of the complete records of the Public Accounts Committee’s proceedings to ensure transparency and allow Nigerians to scrutinise the process.

The inquiry concerns reports that about N200 trillion vanished from NNPCL accounts between 2017 and 2023, with issues over unreconciled figures, missing documents, and officials’ failure to appear or adequately explain.

SERAP maintained that the full disclosure would promote transparency and accountability, and prevent political interference.

The organisation also stated that the missing N200 trillion claims must be thoroughly investigated to establish credibility, and that transparency is crucial to avoid perception or manipulation.

The letter further emphasises that verifiable information enables objective assessment and helps uncover the truth.

“Considering NNPCL’s history of opaque practices, a thorough, politically motivated investigation is vital. Ignoring or politicising these allegations could entrench impunity and obscure understanding of national wealth management,” it stated.

SERAP called for the examination of all discrepancies and holding responsible parties accountable to strengthen governance and secure Nigeria’s economic future.

The organisation demanded that these actions be taken within seven days, warning that legal measures would be taken if there was no response from the Senate President.

It also criticises the delays in the investigation, which undermine public trust and risk compromising evidence, insisting that the Committee must act quickly to deliver transparent findings, clear timelines, and published results to ensure accountability and restore public confidence.

SERAP stated, “The NNPCL has traditionally lacked transparency in its financial and operational activities, often limiting public oversight and creating opportunities for corruption, mismanagement, or inaccurate revenue reporting. As it manages Nigeria’s primary source of revenue, NNPCL should be fully accountable for all its funds.

“Public trust is rooted in, and undermining accountability increases casts doubt on resource management and raises the risk of unchecked financial misconduct.

“Given the large sums involved and NNPCL’s importance, there is increasing demand for full disclosure of relevant records, evidence, and explanations for independent review by Nigerians.

“Section 15(5) of the Nigerian Constitution 1999 (as amended) mandates public institutions, including the Senate, to eliminate corruption and abuse of power.

“Section 85(5) authorises the National Assembly’s committees to summon individuals or authorities to provide information, documents, or explanations needed for oversight, including compelling attendance at hearings for accountability and transparency.

“Articles 5 and 9 of the UN Convention against Corruption require the Senate to ensure transparency and effective management of public funds.

“Article 21 of the African Charter affirms the right of peoples to dispose of their natural resources freely and states that misuse entitles affected parties to recovery and compensation.

“Our information indicates that the ongoing Senate investigation was triggered by audit findings from 2017 to 2023, which revealed about N210 trillion in entries in NNPCL accounts that lawmakers said were not properly reconciled or explained.

“The review focused on two categories: about N103 trillion as joint venture costs and operational expenses, and roughly N107 trillion as receivables, subsidies, and other obligations.

“The Committee expressed concerns that the audit figures lacked adequate documentation and clarity, raising doubts about the accuracy of NNPCL’s financial records.

“As a result, NNPCL officials—past and present—were summoned to explain and support the disputed figures. Some responses were found to be inconsistent or unsatisfactory, requiring further investigation.

“The proceedings are ongoing, aiming to reconcile accounts, determine whether discrepancies are due to accounting issues or misreporting, and identify any misconduct.

“Despite multiple invitations and ultimatums, NNPCL and several officials have reportedly failed to appear or provide full explanations, increasing tension and raising concerns about transparency and accountability in managing Nigeria’s natural wealth,” SERAP stated.