SERAP Tells NNPC to Account for Alleged Missing N500 Billion

Chuks Okocha in Abuja 

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, to account for the whereabouts of an alleged missing N500 billion.

It said the NNPC failed to remit the amount to the Federation Account between October 2024 and December 2024, as revealed by the World Bank.

SERAP urged Ojulari to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.

SERAP also urged Ojulari to invite the EFCC and ICPC to investigate the spending and whereabouts of the alleged N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.

The World Bank had last week disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted N600 billion, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the  national budget.

In a Freedom of Information request dated May 17, 2025 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999.

“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”

According to SERAP, Nigerians have the right to know why the NNPC failed to remit the subsidy removal savings to the Federation Account, and why the NNPC is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution.

“Nigerians continue to bear the brunt of these missing public funds from the NNPC meant for the economic development of the country.

“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, SERAP shall consider appropriate legal actions to compel the NNPC to comply with our requests in the public interest.

“The missing oil revenue reflects a failure of NNPC accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth,” it stated.