SERAP Queries NNPCL Over Missing N22.3bn, $49.7m, £14.3m, and €5.2m Oil Money

The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mr. Bayo Bashir Ojulari, has been asked by the Socio-Economic Rights and Accountability Project (SERAP) to give a thorough explanation of the purportedly unaccounted-for oil revenues of ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.

The organization’s request comes after the Federation’s 2022 annual report, which purportedly revealed inconsistencies and unaccounted-for money in the company’s financial records.

According to SERAP, the yearly report was released on September 9, 2025.

The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) should prosecute people responsible for the diverted or misused oil money, according to SERAP’s request that Ojulari identify them.

Additionally, SERAP encouraged him to ensure that the N22.3 billion, USD $49.7 million, £14.3 million, and €5.2 million in oil funds that were misappropriated or diverted are fully recovered and returned to the treasury as soon as possible.

“These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian constitution 1999 [as amended], anticorruption laws, and the country’s international obligations,” the organization stated in a letter dated October 25, 2025, and signed by SERAP deputy director Kolawole Oluwadare.

The accusations have also undermined the nation’s economic progress, kept most Nigerians in poverty, and denied them opportunity.

The disappearance of oil money from the NNPCL has been reported for many years by the Auditor-General. The majority of these missing oil funds, which were supposed to fund vital public services for Nigerians, continue to fall on Nigerians.

Fighting the oil industry’s corruption epidemic will reduce poverty, increase Nigerians’ access to essential public goods and services, and strengthen the government’s capacity to uphold its anti-corruption and human rights commitments.

Because to the pervasive massive corruption, especially in the NNPCL, and the deeply ingrained culture of impunity for offenders, ordinary Nigerians have benefited very little from oil money despite the nation’s enormous oil resources.

“The misappropriated or diverted oil revenues are directly related to the institution’s ongoing failure to uphold the principles of transparency and accountability and represent a failure of NNPCL accountability more generally.”

The already unstable economy has been further harmed by the misappropriated or diverted oil earnings, which have also led to extremely high levels of government borrowing and deficit expenditure.

“It is likely that more money would have been allocated to the realization of Nigerians’ economic and social rights, such as increased spending on healthcare and education, if the NNPCL had accounted for and remitted the diverted or misappropriated oil money and returned it to the treasury.”

Additionally, the government would have borrowed less money.

We would appreciate it if the suggested actions were implemented within seven days of this letter’s receipt and/or publication. SERAP will take appropriate legal measures to force the NNPCL to comply with our requests in the public interest if we don’t hear back from you before then.

The Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for roughly N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil money, according to the Auditor General of the Federation’s 2022 audited report, which was released on September 9, 2025.

The Auditor General is concerned that the funds might have been “diverted.”

According to reports, the NNPCL spent more than N292 million [N292,609,972.29] in 2020 for a contract to build an accident and emergency facility along Airport Road, Abuja. However, after receiving payment, “the contractor has abandoned the contract and failed to execute the job.”

The auditor general is concerned that the contract funds might have been “diverted.” “Recovered from the contractor and remitted to the Treasury” is what he wants.

Additionally, the NNPCL allegedly spent more than GBP £14 million [£14,322,426.59] in 2021 “to repair its London office.” However, “there were no documents of any spending, and no evidence to show that the money was actually spent.”

The Auditor-General is concerned that “the money may have been misappropriated or diverted.” He wants the funds to be retrieved and sent to the Treasury.

Additionally, the NNPCL “irregularly paid” a contractor almost USD $22 million [$22,842,938.28] for transporting nine loads of crude oil. The NNPCL “failed to explain why the contractor received over $22 million for crude during the same period and why the amount owed to it from January to October 2019 was only $4,858,997.22.”