The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Nigerian National Petroleum Company Limited (NNPCL) provide a full explanation for alleged missing oil revenues worth billions of naira and foreign currencies reportedly unaccounted for in its financial records.
In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group urged NNPCL’s Group Chief Executive Officer, Bayo Ojulari, to clarify discrepancies flagged by the Auditor-General of the Federation in the company’s 2022 annual financial report.
According to the audit report, the company failed to account for N22.3 billion, $49.7 million, £14.3 million, and €5.2 million. SERAP described the revelations as a serious breach of public trust and a violation of Nigeria’s anti-corruption laws and constitutional principles.
The organisation called on NNPCL to identify and hand over those responsible for the alleged diversion or misuse of the funds to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution. It also demanded that all missing funds be recovered and remitted to the national treasury.
“These allegations expose the scale of systemic corruption that has crippled Nigeria’s oil sector for years,” SERAP said, adding that such irregularities have worsened poverty, weakened public services, and forced the government into unsustainable borrowing.
The group referenced several questionable transactions highlighted in the Auditor-General’s report, including:
₦292 million spent on an abandoned emergency facility project in Abuja.
Over £14 million purportedly used to renovate NNPCL’s London office with no proof of execution.
$22.8 million paid to a contractor for crude lifting without valid justification.
N2.3 billion given to 100 staff as “car cash options” without proper approval.
€5.1 million spent on jetty operations without supporting documentation.
SERAP warned that failure to provide transparency within seven days would compel it to take legal action against the NNPCL.
Citing Section 15(5) of the 1999 Constitution, the organisation reminded the company of its duty to combat corruption and abuse of power, stressing that the recovery of the missing funds could support critical sectors such as education, healthcare, and infrastructure.
“The longer these funds remain unaccounted for, the deeper the economic hardship faced by ordinary Nigerians,” SERAP added.
The Auditor-General’s report also urged the recovery of all mismanaged funds, noting that much of the money may have been diverted for personal gain.
