The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to account for N825 billion and $2.5 billion reportedly earmarked for refinery rehabilitation and other oil revenues but unaccounted for.

This demand follows the release of the 2021 Auditor-General’s report, which highlighted several discrepancies and alleged mismanagement of public funds by the NNPCL. SERAP’s own audit, published in November 2024, corroborated these concerns, revealing missing funds tied to crude oil sales, royalties, and maintenance expenses.

Key findings from the Auditor-General’s report include:

• N825 billion allegedly deducted from crude oil sales (2020-2021) for refinery repairs, now suspected to have been diverted.

• Over N343 billion unaccounted for as pipeline maintenance deductions from domestic crude sales.

• Over N83 billion in income from joint ventures missing from the Central Bank of Nigeria (CBN)/NNPC sinking fund account.

• Over N204 billion in unjustified oil royalty deductions for 2021.

• A failure to collect over $2 billion in oil royalties from companies in 2021.

In a letter dated January 4, 2025, SERAP Deputy Director Kolawole Oluwadare urged NNPCL CEO Mele Kyari to:

• Explain the whereabouts of the missing funds.

• Identify and hand over those responsible to anti-corruption agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).

• Formally invite former President Olusegun Obasanjo, alongside the EFCC and ICPC, to tour refineries and monitor operations and spending.

SERAP highlighted how these allegations undermine economic development, exacerbate poverty, and violate public trust and constitutional obligations. It stressed that missing funds impede critical national budgets and called for recovery efforts to prevent further economic strain on citizens.

SERAP warned that failure to take action within seven days of receiving the letter would result in legal steps to compel NNPCL compliance in the public interest

The revelations have reignited concerns over transparency and accountability in Nigeria’s oil sector, with stakeholders urging swift action to recover funds and restore public confidence in the management of national resources.