The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to explain the whereabouts of a missing ₦500 billion that the company reportedly failed to remit to the Federation Account between October and December 2024.
Citing recent revelations by the World Bank, SERAP said the NNPCL only remitted ₦600 billion out of the ₦1.1 trillion generated from crude oil sales and other income during the period, leaving a deficit of ₦500 billion unaccounted for.
In a Freedom of Information request dated May 17, 2025, and signed by its deputy director, Kolawole Oluwadare, SERAP urged Mr. Ojulari to identify those responsible, surcharge them for the full amount, and hand them over to the ICPC and EFCC for investigation and prosecution. The organisation also urged him to invite both agencies to probe the spending and ensure the full recovery of the missing funds without further delay.
“The public has a right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account,” SERAP stated, warning that continued non-remittance denies states and local governments their constitutional allocations.
SERAP noted that the Supreme Court recently ruled that the Freedom of Information Act applies to all public records, including those of the NNPCL. It expressed concern over repeated reports by the Auditor-General and NEITI documenting the disappearance of oil funds, calling it a violation of the Nigerian Constitution and international anti-corruption obligations.
“The missing funds reflect a broader failure of accountability in the NNPCL and highlight the need for urgent transparency reforms,” the group said, stressing that the unremitted revenue could have been used to improve access to basic public services amid the nation’s economic crisis.
SERAP has given the NNPCL seven days to respond to the request or face legal action to compel compliance, insisting that full disclosure and recovery of the missing funds is vital for national development and public trust.
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