By Francis Ajuonuma
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Bayo Bashir Ojulari, to account for the alleged missing ₦132 billion oil revenue, as documented in the recently published 2022 Annual Report by the Auditor-General of the Federation.
The missing amount, according to SERAP, includes ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million, totalling about ₦132 billion at current exchange rates.
The organisation noted that the Auditor-General’s report, released on 9 September 2025, raised serious red flags over unaccounted payments, abandoned projects, and questionable expenditures involving the national oil company.
In a letter dated 25 October 2025 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation urged Mr Ojulari to “identify and hand over all officials responsible for the diverted or misappropriated oil money to the ICPC and EFCC for prosecution,” and to “ensure the full recovery and return of the misappropriated funds to the treasury without further delay.”
“These grim allegations by the Auditor-General suggest a grave violation of public trust, the 1999 Constitution [as amended], anti-corruption laws, and Nigeria’s international obligations,” SERAP stated.
According to the group, the disappearance of such vast oil revenues has deepened poverty, undermined economic growth, and denied millions of Nigerians access to education, healthcare, and other essential public services.
It said the findings once again confirm the entrenched culture of impunity and lack of accountability within the NNPCL.
SERAP also drew attention to specific irregularities highlighted in the Auditor-General’s report, including:
A contract of over ₦292 million for an emergency facility in Abuja that was never executed; over £14 million reportedly spent on repairs of the NNPCL’s London office without any supporting documents; irregular payments exceeding $22 million for crude-lifting contracts; and non-remittance of more than ₦12 billion operating surplus into the national treasury.
“These and several other transactions reflect a failure of corporate governance and transparency within NNPCL,” the organisation said. “Had the company remitted these funds as required, government borrowing and deficit spending would have been significantly reduced, and more resources would have been available for citizens’ welfare.”
The organisation gave the NNPCL a seven-day ultimatum to respond and take corrective measures or face legal action to compel compliance.
SERAP reminded NNPCL that Section 15(5) of the 1999 Constitution (as amended) requires all public institutions to abolish corrupt practices and abuse of power, while Section 14(2)(b) places the welfare and security of citizens as the primary purpose of government.
“Despite Nigeria’s enormous oil wealth, ordinary citizens have benefited little because of entrenched corruption and weak accountability mechanisms in the petroleum sector,” SERAP noted. “It is time for the NNPCL to demonstrate integrity and transparency worthy of a national corporation.”
The organisation vowed to pursue appropriate legal action should NNPCL fail to provide a satisfactory response within the stipulated timeframe.
