The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to account for the missing N500 billion oil revenue, following a shocking revelation by the World Bank.
According to the World Bank, NNPCL only remitted N600 billion out of N1.1 trillion in revenue from crude oil sales and other income between October and December 2024, leaving N500 billion unaccounted for. This discrepancy raises serious questions about transparency, accountability, and the management of Nigeria’s oil wealth.
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In a Freedom of Information (FOI) request dated May 17, 2025, SERAP urged NNPCL Group CEO Mr. Bayo Bashir Ojulari to publicly explain the whereabouts of the missing funds, identify those involved, and invite the EFCC and ICPC to investigate and prosecute all culpable individuals.
SERAP stressed that the missing subsidy removal savings should have been remitted to the Federation Account and distributed to all tiers of government in line with the Nigerian Constitution.
“Nigerians deserve to know why NNPCL withheld these funds, especially during a time of severe economic hardship and cost of living crisis,” said Kolawole Oluwadare, SERAP’s deputy director.
The organization further cited several legal provisions, including Section 15(5) and Section 13 of the 1999 Constitution (as amended), the Freedom of Information Act, and international anti-corruption obligations under the UN Convention Against Corruption, which mandate transparency and the responsible management of public funds.
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SERAP warned that if no concrete action is taken within seven days, it will pursue legal action to compel NNPCL to recover and remit the missing N500 billion.
“The disappearance of these funds reflects the NNPCL’s ongoing lack of accountability and transparency, which has long hindered Nigeria’s economic growth and denied citizens access to basic public services.”
The statement concluded that recovering the missing oil funds is critical to restoring public trust, improving national development, and addressing Nigeria’s widespread poverty and underdevelopment.
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