The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern demand to Mr. Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), calling for an explanation over the alleged failure to remit N500 billion to the Federation Account between October and December 2024. This follows findings from a recent World Bank report.
According to SERAP, the World Bank revealed that while NNPCL reportedly generated N1.1 trillion from crude oil sales and related sources during the period, only N600 billion was transferred to the national treasury, leaving a discrepancy of N500 billion.
In a Freedom of Information (FOI) request dated May 17, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization demanded that NNPCL identify those responsible, recover the full amount, and refer the matter to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation and prosecution.
SERAP also called for immediate intervention by both anti-corruption agencies to trace and recover the missing funds for public use.
“The non-remittance of N500 billion represents a clear violation of the Nigerian Constitution, national anti-corruption laws, and international obligations under the UN Convention against Corruption,” SERAP stated.
The organization emphasized that the funds, sourced from fuel subsidy removal savings, were meant to be shared among federal, state, and local governments. Their disappearance, it argued, threatens national development and infringes on citizens’ economic rights.
Referencing past concerns from the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) on oil revenue mismanagement, SERAP underscored the urgent need for financial accountability and transparency.
Citing provisions from Nigeria’s Constitution and the FOI Act, the group maintained that NNPCL is legally bound to disclose information about the missing funds. It also noted recent Supreme Court judgments affirming the FOI Act’s applicability to records held by NNPCL.
SERAP has given the company a seven-day deadline to act or face legal action aimed at compelling compliance.
“Nigerians continue to bear the brunt of unaccounted oil revenues,” SERAP concluded. “Recovering the missing N500 billion could provide critical support for basic services, especially in light of the ongoing cost of living crisis.”
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