The Socio-Economic Rights and Accountability Project (SERAP) has launched a forceful campaign demanding transparency and accountability from the Nigerian National Petroleum Company Limited (NNPCL) regarding a substantial sum of N500 billion allegedly missing from the Federation Account. Citing a World Bank report, SERAP contends that the NNPCL failed to remit this significant amount between October and December 2024, a period coinciding with the removal of fuel subsidies in Nigeria. The organization has formally requested information from the NNPCL’s Group Chief Executive Officer, Mr. Bayo Ojulari, through a Freedom of Information (FOI) request, demanding an explanation for the unremitted funds and urging an independent investigation into the matter. SERAP emphasizes that this alleged financial impropriety has far-reaching consequences for the Nigerian populace, impacting development, public service delivery, and access to basic necessities.
SERAP’s FOI request, submitted in May 2025, outlines the gravity of the situation, highlighting the “legitimate public interest” in understanding the whereabouts of the missing funds and the blatant violation of the Nigerian Constitution. The organization has given the NNPCL a seven-day ultimatum to initiate an investigation, involving either the Independent Corrupt Practices and Other Related Offences Commission (ICPC) or the Economic and Financial Crimes Commission (EFCC). Should the NNPCL fail to comply within the stipulated timeframe, SERAP has declared its intention to pursue legal action to ensure compliance and uphold public interest. This firm stance underscores SERAP’s commitment to holding public institutions accountable and combating corruption within the oil sector, a sector often shrouded in opacity.
The World Bank report, the basis of SERAP’s accusations, reveals that the NNPCL only remitted N600 billion out of the N1.1 trillion generated from crude oil sales and other revenue streams in 2024. This significant discrepancy raises serious concerns about the management of public funds and the potential for misappropriation. Furthermore, the International Monetary Fund (IMF) has advised that savings accrued from the removal of petrol subsidies should be channeled back into the national budget, further emphasizing the importance of transparent financial management. SERAP argues that Mr. Ojulari’s response to this situation will be a crucial test of his commitment to transparency and accountability, setting the tone for his leadership of the NNPCL.
SERAP’s campaign highlights the broader issue of mismanagement and lack of accountability within Nigeria’s oil sector. The organization points to a history of documented reports of missing oil revenues linked to the NNPCL by the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI). These recurring allegations, SERAP argues, undermine economic development, perpetuate poverty, and limit opportunities for Nigerian citizens. The organization emphasizes that the NNPCL’s alleged failure to remit public funds constitutes a grave breach of trust, violating constitutional provisions, national anti-corruption laws, and international conventions against corruption. The repeated occurrence of such incidents, SERAP contends, perpetuates a culture of impunity that deprives Nigerians of the benefits of their nation’s oil wealth.
SERAP’s demands are grounded in constitutional provisions and international agreements. The organization cites Section 15(5) of the Nigerian Constitution, which mandates public institutions to eradicate corrupt practices and abuse of power, and Section 13, obligating the NNPCL to adhere to the Constitution’s provisions. Furthermore, SERAP invokes Nigeria’s commitments under the UN Convention against Corruption, specifically Articles 5 and 9, which require the proper management of public affairs and funds. The organization argues that full disclosure of the missing N500 billion, identification of those responsible, prosecution of offenders, and recovery of the funds are essential steps to serve the public interest and curb impunity.
The unremitted funds, SERAP contends, have significant implications for Nigeria’s fiscal health and the well-being of its citizens. The organization argues that the missing N500 billion contributes to the country’s budget deficits, limiting the government’s ability to provide essential services and infrastructure. Had these funds been properly accounted for and remitted, they could have been allocated to critical sectors, improving the lives of ordinary Nigerians. SERAP concludes that the NNPCL’s alleged actions have deprived citizens of access to basic goods and services, exacerbating existing economic hardships. The organization emphasizes that the right to information, enshrined in the Freedom of Information Act, the Nigerian Constitution, and international human rights instruments, underscores the legitimacy of their demands for transparency and accountability.
