NNPCL Under Fire: Calls Mount For EFCC, ICPC Probe Into Missing ₦825 Billion, $2.5 Billion

The Socio-Economic Rights and Accountability Project (SERAP) has urged Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to account for the alleged missing ₦825 billion and $2.5 billion allocated for refinery rehabilitation and oil revenues.....KINDLY READ THE FULL STORY HERE▶

These financial irregularities were uncovered in the Auditor-General of the Federation’s 2021 annual report, released on November 27, 2024. SERAP responded with a letter dated January 4, 2025, signed by Deputy Director Kolawole Oluwadare, demanding accountability and transparency from NNPCL.

SERAP’s letter called on Kyari to identify those responsible for the missing funds and refer them to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution. The organization also requested that Kyari invite former President Olusegun Obasanjo to inspect Nigeria’s refineries and involve anti-graft agencies in overseeing refinery operations and expenditures, particularly at the Port Harcourt and Warri refineries.

The Auditor-General’s report revealed alarming financial discrepancies, including:

• ₦82.9 billion unaccounted for in refinery rehabilitation and repairs.
• ₦343.6 billion from domestic crude sales proceeds.
• ₦83.6 billion in miscellaneous income from joint venture operations.
• ₦204.8 billion in unjustified deductions from oil royalties.
• ₦3.7 billion in PMS sales shortfalls.
• ₦28.6 billion in outstanding bridging allowances.
• $2 billion and ₦48 billion in uncollected oil royalties from companies.

The report also highlighted the economic toll of these irregularities, which have exacerbated poverty and hindered Nigeria’s economic development.

SERAP emphasized the importance of transparency in public institutions and cited Section 15(5) of the Nigerian Constitution, which mandates the elimination of corruption. The organization gave NNPCL a seven-day ultimatum to address the issues or face legal action, demanding the recovery of missing funds and their remittance to the Federation Account.

The letter concluded with SERAP’s concern over the persistent mismanagement and missing funds within NNPCL, which it said continues to worsen the plight of Nigerians, particularly in the wake of inadequate refinery rehabilitation efforts.