The Socio-Economic Rights and Accountability Project (SERAP) has urged Bayo Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, to clarify the whereabouts of N500 billion, which, according to the World Bank, was not remitted to the Federation Account between October and December 2024.
SERAP also called on Ojulari to identify those allegedly involved in the mismanagement of the funds, recover the full amount from them, and refer the individuals to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.
SERAP further requested that Ojulari invite both the EFCC and ICPC to examine how the N500 billion was spent and to ensure the complete recovery and remittance of the missing funds to the Federation Account without delay.
According to the World Bank, NNPC generated N1.1 trillion in revenue from crude oil sales and other sources in 2024 but remitted only N600 billion, leaving a discrepancy of N500 billion.
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The International Monetary Fund (IMF) has also recently recommended that the savings from fuel subsidy removal be transferred to the national budget.
In a Freedom of Information request dated 17 May 2025 and signed by Kolawole Oluwadare, SERAP’s Deputy Director, the group stressed that the public has a legitimate right to know the status of the allegedly missing N500 billion in oil revenue, which they say represents a serious violation of the Nigerian Constitution (1999, as amended).
“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,” SERAP said.
SERAP stated that Nigerians are entitled to know why NNPC failed to deposit the fuel subsidy savings into the Federation Account and why the company appears to be withholding funds meant for state and local governments, contrary to constitutional provisions.
In its letter, SERAP warned that ordinary Nigerians continue to suffer the consequences of missing public funds that could have been used to drive national development.
The group added that if its recommendations are not acted upon within seven days of receiving or publishing the letter, it would consider legal steps to compel the NNPCL to meet its demands in the interest of the public.
SERAP described the missing oil revenue as indicative of broader accountability issues within the NNPC and linked it to the institution’s failure to embrace transparency and accountability.
It stated: “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.”
“SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL.”
“SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.”
These allegations, SERAP argued, have significantly hindered Nigeria’s economic progress, entrenched widespread poverty, and denied citizens vital opportunities.
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It maintained that NNPCL’s failure to remit the N500 billion violates the public trust and contravenes both the Constitution and Nigeria’s obligations under international anti-corruption treaties, including the United Nations Convention against Corruption.
Despite Nigeria’s vast oil resources, ordinary citizens have benefited little, mainly due to entrenched corruption and a culture of impunity, SERAP said.
The organisation believes that tackling corruption in the oil sector would help reduce poverty, enhance access to essential public services, and improve government capacity to meet its human rights and anti-corruption commitments.
Citing the World Bank’s recent disclosure, SERAP reiterated that NNPCL reportedly failed to remit N500 billion from the N1.1 trillion generated in 2024 into the Federation Account, despite expectations for the funds to be shared among all levels of government.
According to SERAP, Section 15(5) of the Nigerian Constitution requires public institutions to eradicate all forms of corruption and abuse of office.
It also noted that Section 13 of the Constitution obliges the NNPCL to observe and uphold the provisions outlined in Chapter Two of the document.
It said: “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds.”
“These commitments ought to be fully upheld and respected.”
“Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
“The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of the cost of living crisis in the country.”
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“The missing oil revenue has further damaged the already precarious economy and contributed to very high levels of deficit spending by the government.”
“Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfilment of economic and social rights, such as increased spending on public goods and services.”
“Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”
“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing N500 billion of oil revenue.”
