The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to account for a staggering N500 billion allegedly missing from oil revenues between October and December 2024.
In a letter dated May 17, 2025, and addressed to the NNPCL’s Group Chief Executive Officer, Mr. Bayo Ojulari, SERAP cited a World Bank report which revealed that out of the N1.1 trillion generated by the NNPCL during the period, only N600 billion was remitted to the Federation Account.
“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,” the letter, signed by SERAP Deputy Director Kolawole Oluwadare, stated.
The organization accused the NNPCL of violating constitutional provisions and international anti-corruption obligations by withholding half of the revenue, despite expectations that all oil proceeds be deposited into the Federation Account for equitable distribution.
“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 added.
It urged the company to identify and surcharge those responsible for the missing funds and hand them over to anti-graft agencies for prosecution. “SERAP urges you to promptly identify those suspected to be responsible… and hand them over to the ICPC and the EFCC,” the letter emphasized.
SERAP warned that failure to recover the missing funds could worsen the country’s economic crisis, stating: “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.”
The group gave the NNPCL a seven-day ultimatum to act or face legal action. Copies of the letter were also sent to President Bola Tinubu, the Attorney General of the Federation, and the heads of the EFCC and ICPC.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption,” SERAP noted.
The group said recovering the funds could improve investment in critical sectors like health, education, and infrastructure.The letter invoked Section 1(1) of the Freedom of Information Act and a Supreme Court ruling confirming the NNPCL is subject to FOI requests.
