SERAP Demands Transparency from NNPCL on Multi-Billion-Naira Oil Transactions

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to provide a detailed explanation of oil revenues flagged by the Auditor-General of the Federation in the 2022 annual report.

The report, released on September 9, 2025, raised concerns about the handling of multi-billion-naira transactions involving more than ₦22 billion, $49 million, £14 million, and €5 million in oil-related revenue managed by the national oil company.

In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization urged Ojulari to ensure full transparency by identifying those responsible for any unaccounted funds and submitting the findings to relevant anti-corruption bodies.

“These findings raise serious questions about transparency and accountability in the management of public funds,” SERAP stated. The organization called on the NNPCL to recover any unremitted or misapplied revenue and return it to the national treasury, stressing that the proper management of oil income is vital for Nigeria’s development.

SERAP warned that failure to address the allegations promptly and openly could erode public trust and threaten economic stability.

According to the organization, the Auditor-General’s report highlighted issues such as irregular payments, abandoned projects, and inadequate documentation in oil sector transactions. SERAP argued that persistent corruption and financial mismanagement in the oil industry have long prevented Nigeria from using its vast petroleum wealth to improve public welfare.

“Despite Nigeria’s immense oil resources, citizens continue to suffer hardship due to poor accountability and lack of transparency in revenue management,” the statement added.

SERAP further noted that proper accounting for the flagged funds could free up more resources for essential sectors like education, healthcare, and social welfare.

The organization urged the NNPCL to act on audit recommendations by closing financial loopholes and strengthening oversight of contract implementation.

SERAP also cautioned that it would take legal action if the NNPCL failed to respond within seven days.

“We would appreciate it if the recommended actions are taken within seven days of receiving and publishing this letter. If we do not hear from you by then, SERAP will consider appropriate legal steps to compel compliance in the public interest,” the organization said, citing Section 15(5) of the Nigerian Constitution, which obliges public institutions to prevent corruption and abuse of power.