The Socio-Economic Rights and Accountability Project (SERAP) has asked the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Bayo Bashir Ojulari, to account for missing oil funds totalling ₦22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million as flagged in the 2022 report by the Auditor-General of the Federation.
In a letter dated 25 October 2025 and signed by SERAP’s deputy director, Kolawole Oluwadare, the group urged Ojulari to identify those responsible for the diversion and hand them over to the ICPC and EFCC for prosecution.
It also demanded the recovery and remittance of the missing funds to the national treasury.
The Auditor-General’s report, released on 9 September 2025, detailed numerous irregularities involving the NNPCL, including contract inflation, unapproved payments, and failure to deduct statutory taxes.
SERAP described the findings as a “grave violation of public trust, the Constitution, and anti-corruption laws.”
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Some flagged cases include a ₦292 million abandoned emergency facility in Abuja, £14 million allegedly spent on London office repairs without proof, and USD$22 million irregularly paid to a contractor for crude oil lifting.
The report also cited over ₦247 million and USD$529,000 in unremitted taxes and over N3 billion in undocumented service payments.
SERAP warned that persistent corruption in the oil sector has deepened poverty and weakened national development.
“Had the NNPCL accounted for the diverted oil money, more funds would have gone to education, healthcare, and other essential services,” the organisation said.
It gave NNPCL seven days to act or face legal action, reminding it that Section 15(5) of the 1999 Constitution mandates public institutions to abolish corrupt practices and abuse of power.