SERAP Demands Explanation from NNPCL CEO Over Missing Oil Funds and Calls for Immediate Action
SERAP Demands Explanation from NNPCL CEO Over Missing Oil Funds and Calls for Immediate Action
The Socio-Economic Rights and Accountability Project (SERAP) has formally urged Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to account for missing oil funds totaling N22.3 billion, $49.7 million, £14.3 million, and €5.2 million. These funds are reportedly unaccounted for in the company’s financial records, as documented in the 2022 annual report released by the Auditor-General of the Federation on September 9, 2025.
In a letter dated October 25, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP called on Ojulari to identify those responsible for the alleged misappropriation and to ensure their immediate transfer to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution. The organization also demanded the swift recovery and return of the missing funds to Nigeria’s treasury.
SERAP condemned the allegations as a serious breach of public trust, constitutional mandates, anti-corruption laws, and Nigeria’s international commitments. The group argued that the findings point to systemic corruption within NNPCL, which has hindered Nigeria’s economic growth, perpetuated poverty, and deprived citizens of vital public services.
The civic group highlighted that the Auditor-General’s reports over the years have consistently revealed issues of unremitted or missing oil revenues, with ordinary Nigerians bearing the brunt of corruption in the oil sector. SERAP emphasized that tackling this corruption could significantly reduce poverty, improve access to essential services like healthcare and education, and strengthen Nigeria’s capacity to meet its human rights obligations.
Furthermore, SERAP linked the misappropriation of oil revenues to broader accountability and transparency failures at NNPCL, which have contributed to rising national debt and budget deficits. The group noted that if these diverted funds had been properly accounted for and remitted, Nigeria would have more resources for critical sectors, and the government’s borrowing needs would decrease.
The organization has given NNPCL a seven-day ultimatum to comply with its demands or face legal action to enforce transparency. Citing details from the 2022 audit, SERAP pointed out numerous irregularities, including an abandoned ₦292 million contract for an emergency facility in Abuja, over £14 million spent on refurbishing the London office without evidence of work, and an unexplained $22.8 million payment to a contractor for crude lifting.
Additional issues include a ₦2.3 billion payout as car allowances to staff without approvals, unremitted ₦12.7 billion operating surplus for December 2020, and €5.1 million paid for jetty operations with no supporting documentation. Multiple cases of fictitious or undocumented contract payments worth billions of naira and millions of dollars were also highlighted.
The Auditor-General expressed concern that much of these funds may have been diverted or misappropriated, underscoring the urgent need for recovery and remittance to Nigeria’s treasury. SERAP invoked Section 15(5) of the 1999 Constitution (as amended), which obligates public institutions to eliminate corruption and abuse of power, urging NNPCL to operate transparently and in the public interest.
