Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), is under increasing pressure to account for alleged missing funds totaling N825 billion and $2.5 billion, earmarked for refinery rehabilitation and other oil revenues. The funds, highlighted in the 2021 Auditor-General’s report, have raised concerns of financial mismanagement and possible corruption.
The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Kyari to identify individuals responsible for the discrepancies and hand them over to the Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). In a letter dated January 4, 2025, signed by Deputy Director Kolawole Oluwadare, SERAP also urged transparency measures, including inviting former President Olusegun Obasanjo, the EFCC, and the ICPC to inspect Nigeria’s refineries and oversee expenditures.
The Auditor-General’s report detailed multiple unaccounted funds, including:
- ₦82 billion: Deducted from crude oil and gas sales for refinery rehabilitation.
- ₦343 billion: Unjustified deductions for pipeline maintenance from domestic crude sales.
- ₦83 billion: Miscellaneous income from joint venture operations, withdrawn without explanation.
- ₦204 billion: Unjustified deductions from oil royalties.
- $29.6 million and $2 billion: Outstanding oil royalties unpaid by companies.
The report also highlighted significant outstanding debts owed by oil marketers, contributing to funding challenges for the 2021 budget. SERAP emphasized that these allegations reflect a severe breach of public trust, undermining national development and exacerbating poverty.
SERAP demanded immediate action within seven days, warning of legal action to ensure compliance. The organization reiterated the constitutional obligation of public institutions to eliminate corruption and safeguard public resources.
This issue underscores the urgent need for accountability and transparency in managing Nigeria’s oil revenue, which remains critical to the nation’s economy.
