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 urgently account for and clarify the status of N500 billion in oil revenues that were allegedly not remitted to the Federation Account between October and December 2024.
In a letter dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization cited a World Bank report that revealed that out of the N1.1 trillion earned from crude oil sales and other revenue sources in 2024, only N600 billion was paid into the Federation Account. This leaves a discrepancy of N500 billion.
SERAP is demanding transparency and a full accounting of the missing funds and has warned of legal action if its demands are not met 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 stated.
The organization also urged Mr. Ojulari to identify those responsible for the shortfall and ensure they are held accountable.
“SERAP urges you to promptly identify those suspected to be responsible for the alleged missing oil money, surcharge them for the full amount involved, and hand them over to the ICPC and the EFCC,” the group wrote.
Referring to the World Bank report, SERAP emphasized that all oil revenue should be paid into the Federation Account and distributed among all tiers of government, as required by law. The group criticized the NNPCL for not meeting this obligation.
“Nigerians have the right to know why the NNPCL is remitting only 50 per cent of the gains generated from the removal of petrol subsidies to the Federation Account,” SERAP said.
“The failure by the NNPCL to remit the money is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and international obligations under the UN Convention against Corruption.”
SERAP expressed concern that the unremitted funds could significantly impact development, poverty reduction, and public service delivery, especially amid ongoing economic challenges.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption and the entrenched culture of impunity of perpetrators,” the group added.
They further stated that the NNPCL’s failure to ensure transparency and accountability has deepened Nigeria’s fiscal crisis.
“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,” SERAP noted.
Quoting paragraph 3112(ii) of the Financial Regulations 2009, SERAP reiterated that:
“Any public officer who fails to account for government revenue shall be surcharged for the full amount involved and handed over to either the EFCC or the ICPC.”
The group added that recovering the allegedly missing N500 billion would provide the government with much-needed resources to improve vital sectors like healthcare, education, and infrastructure.
“Had the NNPCL accounted for and remitted the alleged missing N500 billion, it is likely that more funds would have been allocated to the fulfillment of economic and social rights,” the statement said.
SERAP invoked Section 1(1) of the Freedom of Information (FOI) Act 2011, asserting Nigerians’ legal right to access public information from institutions like the NNPCL. The organization also referenced a Supreme Court ruling affirming that the FOI Act applies to all public records, including those held by the NNPCL.
The letter was also copied to President Bola Ahmed Tinubu, Attorney General of the Federation Lateef Fagbemi (SAN), EFCC Chairman Olanipekun Olukoyede, and ICPC Chairman Musa Aliyu.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests,” it warned.
