SERAP Seeks NNPCL’s Clarification Over Alleged Missing N22.3bn, $49.7m, And Other Funds

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to account for alleged missing oil funds totalling N22.3bn, $49.7m, £14.3m, and €5.2m reportedly unaccounted for in the company’s financial statements.

In a letter dated October 25, 2025, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation stated that the missing funds were detailed in the 2022 annual report released by the Auditor-General of the Federation on September 9, 2025.

SERAP called on the NNPCL boss to identify and hand over those responsible for the alleged diversion or mismanagement of the funds to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution. It also demanded that the funds be recovered and returned to the national treasury.

“These serious allegations by the Auditor-General indicate a breach of public trust, constitutional provisions, anti-corruption laws, and Nigeria’s international commitments,” SERAP said.

The group added that the Auditor-General’s findings exposed “deep-rooted corruption” within the NNPCL, which has hindered economic growth, deepened poverty, and denied Nigerians access to essential public services.

SERAP noted that reports of unremitted or missing oil revenues have been a recurring issue, with citizens ultimately suffering the consequences. “Curbing corruption in the oil industry would help reduce poverty, improve access to public services, and strengthen Nigeria’s compliance with its anti-corruption and human rights obligations,” the group stated.

It further argued that the unaccounted oil revenues reflected broader failures in transparency and accountability, contributing to the nation’s growing debt burden and deficit spending. “If these funds had been properly remitted, more resources would have been available for education, healthcare, and other critical sectors, reducing the need for excessive borrowing,” SERAP said.

The organisation issued a seven-day ultimatum to the NNPCL to take action or face legal proceedings to enforce compliance.

Citing details from the 2022 audited report, SERAP highlighted several financial irregularities, including a ₦292m abandoned contract for an Accident and Emergency Facility in Abuja, £14m allegedly spent on the London office without proof of work, and an unjustified $22.8m payment to a contractor for crude lifting.

Other discrepancies included N2.3bn paid as car cash options to 100 staff without approval, ₦12.7bn in unremitted operating surplus for December 2020, and €5.1m paid for jetty operations without supporting documents.

The Auditor-General reportedly warned that much of the unaccounted money “may have been diverted or misappropriated” and urged its recovery and remittance to the national treasury.

SERAP also referenced Section 15(5) of the 1999 Constitution (as amended), which mandates public institutions to eliminate corrupt practices and abuse of power, calling on the NNPCL to uphold transparency and accountability in the public interest.