SERAP Demands Explanation from NNPCL over Missing N500bn Oil Revenue

The Socio-Economic Rights and Accountability Project (SERAP) has called on Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to account for the alleged missing N500 billion in oil revenue that was not remitted to the Federation Account between October and December 2024.

Citing a recent disclosure by the World Bank, SERAP noted that out of N1.1 trillion generated from crude sales and other income within the period, only N600 billion was remitted by NNPCL, leaving a deficit of N500 billion unaccounted for.

In a Freedom of Information (FOI) request dated May 17, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP urged Ojulari to identify those involved in the alleged misappropriation, recover the funds, and hand over the suspects to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation and prosecution.

“There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money,” SERAP stated. “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people.”

SERAP further criticized NNPCL for failing to remit subsidy removal savings to the Federation Account, thereby depriving states and local governments of their constitutionally mandated allocations.

“The non-remittance of the funds constitutes a grave violation of the Nigerian Constitution and undermines transparency, accountability, and good governance,” the letter added.

The rights group warned that if its recommendations are not implemented within seven days of receipt or publication of the letter, it would pursue appropriate legal action to compel compliance.

Citing Section 15(5) and Section 13 of the 1999 Constitution, as well as Nigeria’s obligations under the United Nations Convention Against Corruption, SERAP emphasized that public institutions must uphold accountability and transparency in the management of public resources.

“The missing oil revenue has exacerbated poverty, weakened the economy, and denied citizens access to essential services,” the group noted. “Recovering the funds would help address the cost-of-living crisis and strengthen Nigeria’s ability to meet its human rights obligations.”

SERAP also referenced a recent Supreme Court ruling affirming that the Freedom of Information Act applies to public institutions, including the NNPCL.