The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to account for the alleged disappearance of N825 billion and $2.5 billion allocated for refinery rehabilitation and oil revenues.
The allegations were detailed in the 2021 Auditor-General of the Federation’s report, released on November 27, 2024.
In a letter dated January 4, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization urged NNPCL’s Group Chief Executive Officer, Mr. Mele Kyari, to identify those responsible for the missing funds and hand them over to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
SERAP also recommended inviting former President Olusegun Obasanjo to tour the country’s refineries, including Port Harcourt and Warri, alongside representatives of EFCC and ICPC, to ensure transparency and accountability.
“The grim allegations by the Auditor-General suggest a grave violation of public trust,” SERAP stated, emphasizing that the missing funds have hampered Nigeria’s economic development, exacerbated poverty, and hindered funding for essential programs.
The Auditor-General’s report revealed that the NNPCL failed to account for various sums, including N82.9 billion for refinery rehabilitation, N343.6 billion from domestic crude sales, and N204 billion in oil royalties.
Other discrepancies include $2.26 billion in unpaid oil royalties and N48 billion in outstanding royalties from oil companies.
SERAP warned that if no action is taken within seven days, it would initiate legal proceedings to compel the NNPCL to comply with its demands.
Citing Section 15(5) of the Nigerian Constitution, which mandates the eradication of corruption, SERAP urged NNPCL to recover and remit the missing funds to the Federation Account, while ensuring those responsible face justice.
