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The Socio-Economic Rights and Accountability Project (SERAP) has requested that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, to immediately clarify and account for the N500 billion in oil revenue the company is reportedly missing from the Federation Account for the period of October to December 2024.
In a letter dated May 17, 2025, signed by Deputy Director Kolawole Oluwadare, SERAP referenced recent findings from the World Bank which revealed that of the N1.1 trillion earned from crude oil sales and other income in 2024, the NNPCL remitted only N600 billion, leaving an alarming N500 billion unaccounted for.
The organization is insisting on complete disclosure and recovery of these missing funds and has threatened legal measures if the company does not respond within seven days.
“SERAP is contacting you to leverage your position and authority to promptly account for and explain the absence of the missing N500 billion, which was not remitted to the Federation Account by the Nigerian National Petroleum Company Limited,” the letter specified.
SERAP also called upon Ojulari to pinpoint and hold accountable those responsible for the missing funds and to hand them over to anti-corruption agencies for further investigation and prosecution.
“SERAP urges you to swiftly identify the individuals suspected of being responsible for the allegedly missing oil revenue, surcharge them for the total amount, and refer them to the ICPC and EFCC,” the organization added.
Referencing the World Bank report, SERAP pointed out that revenue generated from oil sales and other sources should be fully transferred to the Federation Account for equitable sharing among all levels of government, which the NNPCL failed to do.
“Nigerians deserve to know why the NNPCL is only transferring 50 percent of the profits achieved from the elimination of petrol subsidies to the Federation Account,” SERAP stated. “The NNPCL's failure to remit these funds constitutes a serious breach of public trust and contravenes the Nigerian Constitution, national anti-corruption statutes, and international commitments under the UN Convention against Corruption.”
SERAP warned that the significant disappearance of such funds poses severe consequences for economic growth, poverty reduction, and the delivery of essential public services during a time of national struggle.
The organization further noted that despite the country's vast oil resources, ordinary citizens have gained very little from oil wealth due to prevalent grand corruption and entrenched impunity among wrongdoers, exacerbating the nation’s fiscal challenges.
“The missing oil revenue illustrates a broader failure of accountability at the NNPCL, directly tied to its ongoing inability to maintain transparency standards,” SERAP remarked. Citing paragraph 3112(ii) of the Financial Regulations 2009, they asserted that any public official who neglects to account for government revenue “shall be surcharged for the full sum involved and referred to either the EFCC or the ICPC.”
The organization emphasized that recovering the missing N500 billion would enable the government to enhance investments in health, education, and infrastructure. “Had the NNPCL provided accountability for and remitted the lost N500 billion, it is probable that additional funds would have been directed toward fulfilling economic and social rights,” the statement emphasized.
SERAP is invoking Section 1(1) of the Freedom of Information (FOI) Act 2011, which grants Nigerians the right to seek and obtain public information from any public entity, including the NNPCL. It also cited a Supreme Court decision confirming that the FOI Act is applicable to all public records, including those held by NNPCL.
The letter was also sent to President Bola Ahmed Tinubu, Attorney General of the Federation Lateef Fagbemi (SAN), EFCC Chairman Olanipekun Olukoyede, and ICPC Chairman Musa Aliyu. “We would appreciate it if the proposed actions are taken within 7 days of your receipt and/or the publication of this letter. Should we not receive a response by then, the Incorporated Trustees of SERAP will contemplate necessary legal actions to enforce compliance from the NNPCL with our requests,” it cautioned.
