By Olawale Lamina
The Socio-Economic Rights and Accountability Project has demanded that the Group Chief Executive Officer, GCEO, of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, gives an explanation concerning the whereabouts of purportedly missing oil funds amounting to N22.3bn, $49.7m, £14.3m, as well as €5.2m, allegedly unaccounted for in the organization’s financial records in the Public interest.
SERAP, in a letter dated October 25, 2025, and signed by its Deputy Director, Kolawole Oluwadare, said the missing amounts were documented in the 2022 annual report recently published by the Auditor-General of the Federation on September 9, 2025.
The rights body called on the NNPCL boss to expose and hand over those responsible for the alleged diversion of the funds to the Economic and Financial Crimes Commission, EFCC and the Independent Corrupt Practices and Other Related Offences Commission, EFCC, for necessary action.
The civil group also asked that the missing funds be recovered and returned to the national treasury without immediately.
SERAP said: “These grim allegations by the Auditor-General suggest a grave violation of public trust, the Nigerian Constitution, anti-corruption laws, and the country’s international obligations.”
SERAP stressed that, the Auditor-General’s findings point to “systemic corruption” within the NNPCL, which has “undermined Nigeria’s economic development, trapped millions in poverty, and deprived citizens of access to essential public services,” adding that the Auditor-General has, over the years, consistently documented similar reports of unremitted or missing oil revenues.
It noted that sadly ordinary citizens have continued to bear the consequences of widespread corruption in the oil sector.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the government’s ability to meet its human rights and anti-corruption obligations,” the group noted.
It lamented further that the alleged misappropriation is a failure of accountability and transparency at the NNPCL, which contributed to the nation’s increasing debt profile and deficit spending.
Again, the group emphasized that, “Had the NNPCL accounted for and remitted these diverted or misappropriated oil monies, more funds would have been available for education, healthcare, and other critical sectors. The level of borrowing by the government would also have been reduced.”
SERAP therefore issued a seven-day ultimatum to the NNPCL to take the recommended steps or face necessary legal action that will result in compliance.
The body referenced details from the 2022 audited report and pointed out several irregularities in NNPCL’s accounts, including: a ₦292m abandoned contract for an Accident and Emergency Facility in Abuja; over £14m allegedly spent to repair its London office without evidence of execution; an irregular $22.8m payment to a contractor for crude lifting, with unclear justification.
It also cited multiple cases of undocumented or fictitious contract payments running into billions of naira and millions of dollars, including a N2.3bn paid as car cash options to 100 staff without appropriate approvals; ₦12.7bn unremitted operating surplus for December 2020, and the €5.1m paid for jetty operations without supporting documents.
According to SERAP, the Auditor-General reportedly expressed fears that much of the amounts “may have been diverted or misappropriated” and called for its recovery and remittance to the treasury.
SERAP called on the NNPCL to act in a transparent manner in the public interest, citing Section 15(5) of the 1999 Constitution (as amended), which mandates public institutions to abolish all corrupt practices and abuse of power in their dealings.
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