The Socio-Economic Rights and Accountability Project (SERAP) has called on Bayo Bashir Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), to explain the whereabouts of ₦500 billion allegedly unremitted to the Federation Account between October and December 2024, as revealed by the World Bank.
In a Freedom of Information (FOI) request dated May 17, 2025, signed by SERAP’s Deputy Director Kolawole Oluwadare, the group urged Ojulari to:
- Disclose the status of the missing funds,
- Identify and surcharge those responsible,
- And refer the case to the EFCC and ICPC for investigation and possible prosecution.
World Bank and IMF Concerns
According to the World Bank, while the NNPCL reportedly generated ₦1.1 trillion from crude oil sales and other income during 2024, only ₦600 billion was remitted—leaving ₦500 billion unaccounted for.
The IMF also recently advised that fuel subsidy removal savings be transparently channelled through the national budget to enhance accountability.
SERAP’s Position
SERAP stressed that the alleged shortfall:
- Violates provisions of the 1999 Nigerian Constitution (as amended),
- Deprives citizens of their constitutional right to economic benefits,
- And constitutes a grave breach of public trust and fiscal responsibility.
“The country’s oil wealth should be used solely for the benefit of Nigerians—both present and future generations,” the group said.
It also criticised the NNPCL’s failure to remit the subsidy savings to the Federation Account, denying states and local governments their rightful allocations.
Legal Grounds and Calls for Action
SERAP cited several legal frameworks in its demand for accountability:
- Section 15(5) of the Constitution mandates the eradication of corruption,
- Section 13 requires public bodies like NNPCL to uphold constitutional values,
- The Freedom of Information Act, and
- Nigeria’s commitments under the UN Convention Against Corruption, particularly Articles 5 and 9.
The organisation also referenced a recent Supreme Court ruling that confirms the FOI Act applies to all public records in the federation, including those held by NNPCL.
Longstanding Transparency Issues
SERAP expressed concern that both the Auditor-General of the Federation and NEITI have consistently reported missing oil revenues linked to NNPCL, yet little has changed.
“The consistent failure to account for public funds has hindered development, exacerbated poverty, and denied Nigerians access to essential services,” the letter noted.
The organisation warned that the continued lack of transparency and accountability in the oil sector deepens Nigeria’s fiscal deficit and fuels the country’s cost-of-living crisis.
Ultimatum and Legal Threat
SERAP gave the NNPCL seven days to respond to the FOI request or face legal action aimed at compelling compliance.
“Without the recovery of the missing ₦500 billion, the government’s ability to deliver public goods and services will continue to deteriorate,” it said.
The group concluded that holding perpetrators accountable and recovering the funds is crucial for restoring public trust, improving governance, and protecting the rights of Nigerians.
