The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to account for N500 billion in oil revenue allegedly unremitted to the Federation Account between October and December 2024. This demand follows revelations from the World Bank indicating that out of N1.1 trillion earned from crude oil sales and other income in 2024, only N600 billion was remitted by the NNPCL.
In a letter dated May 17, 2025, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization requested immediate disclosure regarding the missing funds and warned of potential legal action if no satisfactory response is received within seven days. SERAP emphasized the importance of transparency and accountability, urging Ojulari to identify those responsible for the missing money and recommend their prosecution by anti-corruption agencies.
The organization highlighted that Nigerians have the right to understand why the NNPCL is remitting only 50% of the revenue generated from the removal of petrol subsidies. SERAP described the failure to remit these funds as a serious violation of public trust and various legal obligations, linking it to broader issues of corruption that have hindered economic development and public service provision in Nigeria.
The letter noted that the NNPCL’s lack of transparency has exacerbated the country’s fiscal crisis, and the unaccounted funds could have significantly contributed to essential public services such as health and education. Citing the Financial Regulations 2009, SERAP maintained that any public official failing to account for government revenue should be surcharged for the full amount and handed over to the appropriate anti-corruption bodies.
Additionally, SERAP invoked the Freedom of Information (FOI) Act, which enables Nigerians to request information from public institutions, including the NNPCL. The letter was also sent to key government officials, including President Bola Ahmed Tinubu and the Attorney General of the Federation.
SERAP concluded by urging immediate action to recover the missing funds, emphasizing that accountability in this case is crucial for improving the welfare of ordinary Nigerians and fulfilling economic and social rights. If no response is received within the stipulated timeframe, SERAP indicated that it would consider legal actions to compel compliance from the NNPCL.
