The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, to explain the alleged failure of the company to remit N500 billion oil revenue to the Federation Account.
In a letter dated May 17, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP referenced a recent World Bank report which revealed that out of N1.1 trillion generated by NNPCL from oil sales and related income between October and December 2024, only N600 billion was remitted, leaving a staggering N500 billion unaccounted for.
SERAP has demanded immediate public disclosure of the whereabouts of the funds and warned that legal action would be taken if NNPCL fails to respond within seven days.
“SERAP is writing to request you to use your good offices and leadership position to promptly account for and explain the whereabouts of the missing N500 billion, which the Nigerian National Petroleum Company Limited failed to remit to the Federation Account,” the letter read in part.
The organisation also urged Mr. Ojulari to identify those responsible for the alleged financial shortfall, surcharge them for the missing funds, and refer them to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution.
According to SERAP, the Constitution mandates that all oil revenue be fully paid into the Federation Account for equitable sharing among federal, state, and local governments. The alleged shortfall, it says, violates constitutional provisions and international anti-corruption obligations under the United Nations Convention against Corruption.
“Nigerians have the right to know why the NNPCL is remitting only 50 percent of the gains generated from the removal of petrol subsidies to the Federation Account,” the group noted.
It warned that the alleged disappearance of the N500 billion has far-reaching consequences for Nigeria’s economy, including the underfunding of health care, education, and infrastructure.
“The missing oil revenue reflects a failure of NNPCL’s accountability and a broader problem of impunity in the management of public funds,” the group stated.
Citing paragraph 3112(ii) of the Financial Regulations (2009), SERAP emphasized that any public officer who fails to account for public revenue is liable to be surcharged and handed over to law enforcement.
The group invoked the Freedom of Information Act (2011), which grants Nigerians the right to request and obtain information from public institutions, including NNPCL. It also cited a Supreme Court ruling affirming that the FOI Act applies to all public records, including those of NNPCL.
SERAP copied the letter to President Bola Ahmed Tinubu, Attorney General Lateef Fagbemi (SAN), EFCC Chairman Olanipekun Olukoyede, and ICPC Chairman Musa Aliyu.
“If we have not heard from you within 7 days of the receipt or publication of this letter, the Incorporated Trustees of SERAP shall consider appropriate legal actions to compel NNPCL to comply with our requests,” the group warned.
