By Ayo Kehinde
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Bashir Ojulari, to account for the alleged missing N22.3 billion, $49.7 million, £14.3 million, and €5.2 million oil funds reported in the 2022 Annual Report of the Auditor-General of the Federation.
In a statement on Sunday, SERAP demanded that Ojulari identify and hand over those responsible for the alleged diversion or misappropriation of the funds to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution.
The group also urged NNPCL to ensure the full recovery and remittance of the missing funds to the national treasury.
The letter, dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, described the findings as a “grave violation of public trust, the Nigerian Constitution, anti-corruption laws, and international obligations.”
SERAP said the alleged financial infractions have worsened poverty and hindered national development, stressing that Nigerians continue to suffer from the disappearance of oil revenues meant to fund essential public services.
According to SERAP, “Combating corruption in the oil sector would alleviate poverty, improve access to basic services, and strengthen Nigeria’s ability to meet its human rights and anti-corruption commitments.
Despite the country’s oil wealth, ordinary Nigerians have benefited little due to entrenched corruption and impunity within NNPCL.”
The group warned that if the company fails to take corrective measures within seven days, it will take legal action to compel compliance in the public interest.
Citing the Auditor-General’s 2022 report, SERAP said the NNPCL paid N292 million for an abandoned Accident and Emergency facility along Airport Road, Abuja.
It also reportedly spent £14.3 million to “repair” its London office without supporting documentation. Similarly, it allegedly paid $22 million to a contractor for crude oil lifting while only $4.8 million was due to the company for the same period.
The report also revealed that N2.3 billion was paid as car cash options to 100 staff without approval or documentation, while the company failed to deduct statutory taxes amounting to over N247 million and $529,000 from contractors.
The Auditor-General further cited questionable payments exceeding N3 billion and $2 million for various projects without supporting records, as well as irregular contract awards, inflated payments, and unexecuted projects worth billions of naira and millions of dollars.
SERAP noted that these financial discrepancies reflect NNPCL’s consistent failure to uphold transparency and accountability.
“The diverted or misappropriated revenues have further weakened the economy and increased deficit spending.
“Had the NNPCL remitted these funds to the treasury, more resources could have been allocated to education, healthcare, and infrastructure,” the group added.
SERAP also reminded NNPCL of Section 15(5) of the Nigerian Constitution, which mandates all public institutions to “abolish corrupt practices and abuse of power.”
