NNPCL faces heat as SERAP demands probe of missing ₦500bn

The Nigerian National Petroleum Company Limited (NNPCL) is once again under scrutiny as the Socio-Economic Rights and Accountability Project (SERAP) has called on the company’s leadership to provide explanations over the whereabouts of ₦500 billion that was reportedly not remitted to the Federation Account between October and December 2024.

This follows a recent disclosure by the World Bank revealing that while the NNPCL generated ₦1.1 trillion from crude oil sales and other sources within the last quarter of 2024, only ₦600 billion was accounted for. The ₦500 billion shortfall has raised serious concerns about transparency and financial accountability within the oil sector.

In a Freedom of Information request dated May 17, 2025, SERAP urged the Group Chief Executive Officer of NNPCL, Mr. Bayo Bashir Ojulari, to account for the missing funds, identify officials suspected to be responsible, and invite the Economic and Financial Crimes Commission (EFCC) as well as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a thorough investigation.

“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,” the group stated in the letter signed by its Deputy Director, Kolawole Oluwadare.

The group also emphasized that Nigeria’s oil revenues should be used solely for the benefit of the people, adding that the failure to remit such a significant amount has denied both state and local governments their lawful allocations and undermined public service delivery. SERAP warned that Nigerians are bearing the brunt of the mismanagement of public funds, especially amid the current economic hardship and rising cost of living.

Citing relevant constitutional provisions, including Sections 13 and 15(5), as well as anti-corruption laws, SERAP stressed that the government has a legal obligation to uphold transparency and eliminate corruption in public institutions. It also referenced a recent Supreme Court ruling that affirmed the applicability of the Freedom of Information Act to public records held by institutions like NNPCL.

According to the group, the case is not isolated, as previous reports by the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have highlighted recurring issues with oil revenue accountability. SERAP described the current situation as a reflection of a broader systemic failure within NNPCL to adhere to principles of openness and accountability.

The organisation issued a seven-day ultimatum to NNPCL, warning that if no action is taken within the timeframe, it will pursue legal measures to compel the company to disclose information and ensure the recovery of public funds.

“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption,” SERAP said.

It further noted that recovering the missing funds would contribute to reducing poverty, improving access to essential services, and restoring public confidence in government institutions. SERAP concluded that unless there is full transparency and restitution, the economic plight of Nigerians may further deteriorate.

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