By Oyinkansayo Wole-Bodunde.
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, Mr. Bayo Bashir Ojulari, to provide an explanation for the missing N500 billion that the company failed to remit to the Federation Account between October 2024 and December 2024.
The amount was revealed by the World Bank, which stated that out of the N1.1 trillion revenue from crude sales and other income in 2024, NNPCL only remitted N600 billion.
SERAP has urged Mr. Ojulari to identify those suspected to be involved, surcharge them for the full amount, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.
The organization has also said that the EFCC and ICPC should investigate the spending and whereabouts of the N500 billion and ensure the full recovery and remittance of the money to the Federation Account.
In a Freedom of Information request dated May 17, 2025, SERAP said, “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended].” The organization emphasized that Nigerians have the right to know why NNPCL failed to remit the subsidy removal savings to the Federation Account and why the company is denying states and local governments their allocations.
SERAP further said that the missing oil revenue shows a failure of NNPCL accountability and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability. The organization said, “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.” The letter also said, “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.”
SERAP requested a response within 7 days, saying that if they do not receive one, they will consider taking legal action to force NNPCL to follow their requests.
SERAP also mentioned the importance of transparency and accountability in the oil sector, saying that fighting corruption would reduce poverty, improve access to basic public goods and services and enhance the government’s ability to meet its human rights and anti-corruption obligations.
The organization quoted Section 15(5) of the Nigerian Constitution, which requires public institutions to abolish all corrupt practices and abuse of power. SERAP also referenced the UN Convention against Corruption, which imposes legal obligations on NNPCL to ensure proper management of public affairs and public funds.
SERAP concluded by emphasizing the need for NNPCL to account for the missing N500 billion, identify those responsible, and bring perpetrators to justice. The organization said, “Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
