The Socio-Economic Rights and Accountability Project (SERAP) has demanded answers from the Nigerian National Petroleum Company Limited (NNPCL) over ₦500 billion in oil revenue that reportedly went missing between October and December 2024.
In a letter dated May 17, 2025, addressed to Bayo Bashir Ojulari, Group Chief Executive Officer of NNPCL, the organisation urged him to explain why the funds were not remitted to the Federation Account, as required by law.
The call comes after the World Bank revealed that out of ₦1.1 trillion generated during the period, only ₦600 billion was remitted, leaving a ₦500 billion shortfall.
SERAP is now demanding that Ojulari not only account for the funds but also identify those responsible for the shortfall.
The group stated, “Mr Ojulari should invite the EFCC and ICPC to investigate the spending and whereabouts of the ₦500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.”
SERAP also urged the NNPCL boss to hand over those suspected of wrongdoing to anti-corruption agencies for investigation and prosecution.
In a Freedom of Information request on Saturday, May 17, and signed by its deputy director, Kolawole Oluwadare, the organisation stressed the importance of transparency and accountability in managing the country’s oil wealth.
“There is a legitimate public interest in explaining the whereabouts of the alleged missing ₦500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended],” SERAP said.
“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”
The group said Nigerians deserve to know why the NNPCL withheld subsidy savings instead of paying them into the Federation Account, which funds federal, state, and local governments.
“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 1999 [as amended],” it stated.
SERAP warned that if the company fails to act within seven days, it will pursue legal action to force compliance.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter.
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“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.”
The organisation added that the missing funds reflect a broader issue within NNPCL.
“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
SERAP referenced the Nigerian Constitution, Freedom of Information Act, and various global conventions to emphasise that Nigerians have a right to know how public funds are spent.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.”
“SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL.”
The group also cited long-standing concerns from the Auditor-General and the Nigeria Extractive Industries Transparency Initiative (NEITI) over oil sector finances.
“The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.”
SERAP concluded that holding those responsible accountable could help improve lives and stabilise the economy.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
It added that full recovery of the missing funds would provide more resources for crucial services and reduce the government’s reliance on deficit spending.
“Without the full recovery and remittance of the missing ₦500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”