By Ono Yima
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to account for a missing N500 billion from crude oil sales revenue between October and December 2024.
Citing a recent World Bank report, SERAP noted that of the N1.1 trillion generated during the period, only N600 billion was remitted to the Federation Account, leaving N500 billion unaccounted for.
In a Freedom of Information (FOI) request dated May 17, 2025, SERAP urged Ojulari to “identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the EFCC and ICPC for prosecution.”
“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,” said Kolawole Oluwadare, SERAP’s deputy director.
The rights group also asked the NNPCL to invite anti-corruption agencies to investigate the matter and ensure full recovery of the funds. It warned that failure to act within seven days would prompt legal action.
The World Bank’s revelation adds to mounting concerns about the opacity of NNPCL operations. SERAP referenced long-standing reports from the Auditor-General and the Nigeria Extractive Industries Transparency Initiative (NEITI) detailing similar shortfalls.
“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” SERAP said.
According to the group, failure to remit the funds violates sections of the 1999 Constitution, national anti-corruption laws, and international conventions. It also deprives Nigerians of essential services, particularly amid a cost-of-living crisis.
“Despite Nigeria’s oil wealth, ordinary citizens have derived little benefit due to grand corruption and impunity,” SERAP noted, adding that the missing funds have worsened the nation’s fiscal deficit and hampered service delivery.
The organization called for immediate public disclosure of how the funds were used and stressed that ensuring justice and full recovery of the money would “serve the public interest and end the impunity of perpetrators.”