- Seeks EFCC, ICPC Intervention
In demonstration of its commitment to stamp out corruption in the country, Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, Bayo Ojulari, “To account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.”
SERAP urged MrOjulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”
SERAP also urged NNPCL Boss “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.
Last week, the World Bank disclosed that out of the N1.1 trillion revenues from crude sales and other income in 2024, the NNPC only remitted N600bn, leaving a deficit of N500bn. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.
The NNPC Limited has recently been under intense scrutiny and audit, following the removal of its management team led by MeleKyari. Anti-corruption agencies have also, in recent weeks, begun investigating some of the ousted officials.
In the Freedom of Information request dated 17 May, and signed by SERAP deputy director KolawoleOluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended].”
SERAP said the country’s oil wealth ought to be used solely for the benefit of the Nigerian people and the sake of the present and future generations.
It argued that Nigerians have the right to know why the NNPC Limited failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the account, contrary to the provisions of the Nigerian Constitution 1999 [as amended].
The letter read in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.
“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
SERAP argued that the Nigerian Constitution, the Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.
It noted that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPC Limited.
“SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.
“The allegations have undermined the economic development of the country, trapped the majority of Nigerians in poverty, and deprived them of opportunities.
“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption,” the statement said.
It argued that despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption and the entrenched culture of impunity of perpetrators.
Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations, the civic group said.
According to our information, the World Bank recently disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
“The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government, but the NNPCL reportedly failed to do so.
“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power,” the letter reads.
