The Socio-Economic Rights and Accountability Project has asked the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, to immediately account for and explain the whereabouts of the N500 billion oil revenue the company allegedly failed to remit to the Federation Account between October and December 2024.
In a letter dated May 17, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP cited recent revelations by the World Bank which showed that out of N1.1 trillion earned from crude oil sales and other income in 2024, only N600 billion was remitted by the NNPCL, leaving a staggering N500 billion unaccounted for.
The organisation is demanding full disclosure and recovery of the missing funds, and has threatened legal action should the company fail to act 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.
SERAP also urged Ojulari to identify and surcharge those responsible for the missing funds and hand them over to anti-graft agencies for investigation and prosecution.
“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.
Citing the World Bank report, the group noted that revenue from oil sales and other sources was expected to be fully paid into the Federation Account and shared by all tiers of government, but the NNPCL failed to comply.
“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 warned that the alleged disappearance of such a large sum has serious implications for economic development, poverty alleviation, and the provision of basic public services at a time of national hardship.
“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.
It stressed that the failure of the NNPCL to uphold transparency and accountability standards has worsened the country’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.
Citing paragraph 3112(ii) of the Financial Regulations 2009, the group said 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 further insisted that full recovery of the missing N500 billion would enable the government to increase spending on health, 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 is relying on Section 1(1) of the Freedom of Information (FOI) Act 2011, which gives Nigerians the right to request and receive public information from any public institution, including the NNPCL.
It also referenced a Supreme Court ruling that declared the FOI Act applies to all public records, including those kept 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.
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