The Socio-Economic Rights and Accountability Project (SERAP) has directed the Nigerian National Petroleum Company Limited (NNPCL) to explain the ₦500bn that reportedly went missing from the Federation Account between October and December 2024.
SERAP issued the demand through a Freedom of Information request dated 17 May 2025. In the letter, signed by Deputy Director Kolawole Oluwadare, the group urged NNPCL’s newly appointed Group Chief Executive Officer, Mr Bayo Ojulari, to involve the EFCC or ICPC to investigate the shortfall.
SERAP sets deadline, threatens lawsuit
SERAP gave the NNPCL a seven-day deadline to initiate the investigation. If the company fails to act and explain the ₦500 billion, SERAP vowed to file a lawsuit to enforce compliance.
“There’s a compelling public interest in uncovering the whereabouts of the ₦500bn oil funds and enforcing constitutional compliance,” SERAP asserted.
World Bank report exposes shortfall
The World Bank recently revealed that NNPCL remitted only N600 billion from a total ₦1.1 trillion earned through crude oil sales and related income in 2024. This leaves a ₦500 billion gap, and SERAP demands that the NNPCL explain the ₦500 billion.
Meanwhile, the International Monetary Fund advised the Nigerian government to redirect savings from subsidy removal into the national budget. SERAP aligned with this call and stressed the urgent need for transparency.
Transparency key to reform
SERAP insisted that Mr Ojulari must prove his commitment to transparency by disclosing the missing funds. It noted that the Constitution requires full remittance of oil revenue to the Federation Account.
“The oil wealth belongs to all Nigerians,” the group stated. “NNPCL cannot withhold revenue due to states and local governments.”
Systemic flaws fuel underdevelopment
SERAP criticised the NNPCL’s history of financial opacity. It pointed out that persistent shortfalls in remittances have led to poor public services and underdevelopment.
The group highlighted a recent Supreme Court ruling confirming that the Freedom of Information Act applies to all public institutions, including NNPCL.
“Independent audits by the Auditor-General and NEITI have repeatedly flagged similar issues,” SERAP added. “The government must address this financial mismanagement immediately.”
Legal backing for public accountability
SERAP cited Sections 13 and 15(5) of the Constitution, which mandate institutions to eliminate corruption. It also referenced the United Nations Convention against Corruption, which obliges Nigeria to enforce accountability in public resource management.
“NNPCL must fulfil its legal duties,” SERAP said. “This includes full disclosure, prosecution of those responsible, and recovery of missing funds.”
Missing funds fuel deficit, limit access
The group warned that the missing ₦500bn worsens Nigeria’s budget deficit and deprives citizens of essential services. It argued that remitting the funds could fund education, healthcare, and infrastructure.
“Without accountability, economic hardship will persist, and Nigerians will continue to suffer the consequences,” SERAP declared.
It further noted that the Freedom of Information Act, Section 39 of the Constitution, and international treaties guarantee public access to information about public finances.
