The Socio-Economic Rights and Accountability Project (SERAP) has issued a Freedom of Information request to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, demanding a full public explanation regarding the alleged disappearance of N500 billion in oil revenue between October and December 2024.
The call follows a recent World Bank revelation that out of N1.1 trillion generated from crude oil sales and other income during that period, the NNPCL remitted only N600 billion to the Federation Account, leaving a shortfall of N500 billion unaccounted for.
In the request dated 17 May 2025 and signed by SERAP’s deputy director, Kolawole Oluwadare, the organisation urged Mr. Ojulari to disclose the status of the funds, identify those involved, and ensure they are prosecuted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). SERAP also asked NNPCL to immediately invite the anti-graft agencies to investigate and ensure full recovery and remittance of the funds.
“Nigerians deserve to know why these funds were not remitted to the Federation Account,” SERAP stated. “The failure to do so denies states and local governments their lawful allocations, in violation of the Nigerian Constitution and the public trust.”
The organisation emphasized that public institutions like NNPCL are constitutionally mandated to uphold transparency and combat corruption, referencing Section 15(5) and Chapter 2 of the Nigerian Constitution, as well as international anti-corruption treaties like the UN Convention against Corruption.
According to SERAP, both the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have previously flagged unaccounted oil revenues, reinforcing concerns about systemic financial mismanagement in the oil sector.
The group warned that the missing funds, if not recovered, would worsen Nigeria’s economic woes, deepen poverty, and further restrict citizens’ access to basic public services amid an already dire cost of living crisis.
SERAP concluded its letter with a seven-day ultimatum for action, warning of legal steps should the NNPCL fail to respond promptly.
