SERAP Slams NNPCL: Where Is The Missing ₦500 Billion?

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, to provide a detailed account of the missing ₦500 billion that was reportedly not remitted to the Federation Account between October and December 2024, as disclosed by the World Bank.....KINDLY READ THE FULL STORY HERE▶

In a Freedom of Information request dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization urged Ojulari to identify all individuals potentially involved in the failure to remit the funds. SERAP further requested that such individuals be held financially accountable and referred to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for thorough investigation and prosecution.

Additionally, SERAP appealed to Ojulari to invite both anti-corruption agencies to trace how the ₦500 billion was spent and to ensure its full recovery and prompt transfer to the Federation Account.

The World Bank had recently reported that out of the ₦1.1 trillion generated from crude oil sales and other revenues in 2024, only ₦600 billion was remitted by the NNPCL, leaving a gap of ₦500 billion. The International Monetary Fund (IMF) also called for savings from fuel subsidy removal to be channelled directly into the national budget.

As of now, the NNPCL has not issued an official response to the allegations raised by the World Bank.

SERAP emphasized that the alleged diversion of public funds constitutes a serious breach of the Nigerian Constitution, stating that the country’s oil resources must be managed transparently and used solely for the benefit of all Nigerians, both present and future.

The organization insisted that Nigerians deserve a clear explanation for the NNPCL’s failure to remit the subsidy savings, adding that the deliberate withholding of funds meant for state and local governments undermines the constitutional framework of revenue sharing.