The Socio-Economic Rights and Accountability Project has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Bayo Ojulari, to provide a detailed explanation and full disclosure regarding the N500 billion in oil revenue that was allegedly not remitted to the Federation Account between October and December 2024.
In a letter dated May 17, 2025, and signed by Deputy Director Kolawole Oluwadare, the organization referenced a World Bank report which revealed that while the NNPCL generated N1.1 trillion from crude oil sales and other sources during the period, only N600 billion was deposited into the Federation Account.
SERAP described the unaccounted funds as a violation of the Nigerian Constitution and anti-corruption laws, warning that legal action will be pursued if the NNPCL fails to respond within seven days.
“The NNPCL must come clean on the whereabouts of the missing N500 billion,” SERAP stated. “This situation reflects a disturbing lack of transparency and accountability, particularly in a period where millions of Nigerians are grappling with economic hardship.”
The organization further called on Ojulari to identify individuals responsible for the shortfall, ensure they are surcharged, and hand them over to relevant anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), for investigation and prosecution.
“Failure to remit the full oil revenue undermines public trust and violates the principles of good governance,” SERAP noted. “We urge you to uphold your duty to the Nigerian people by ensuring that all funds generated are properly accounted for.”
The group pointed out that revenues from oil sales are meant to be deposited fully into the Federation Account and equitably shared across all tiers of government. According to SERAP, the NNPCL’s action contradicts this constitutional requirement and worsens the country’s ongoing fiscal crisis.
“Nigerians deserve to know why only half of the revenue from petrol subsidy removal is being remitted. The NNPCL must not operate above the law,” the letter emphasized.
Citing paragraph 3112(ii) of the Financial Regulations 2009, SERAP reminded the NNPCL that any public official who fails to account for government revenue should be surcharged and prosecuted.
The organization also stated that recovering the allegedly missing N500 billion could significantly boost government spending in critical sectors like health, education, and infrastructure.
“It is unacceptable that despite Nigeria’s oil wealth, basic public services remain underfunded due to mismanagement and corruption,” the group said.
SERAP based its demand on Section 1(1) of the Freedom of Information (FOI) Act, 2011, and a Supreme Court ruling affirming that the FOI Act applies to all public institutions, including the NNPCL.
The letter was also addressed to President Bola Ahmed Tinubu, Attorney General of the Federation Lateef Fagbemi (SAN), EFCC Chairman Olanipekun Olukoyede, and ICPC Chairman Musa Aliyu.
“If we do not receive a satisfactory response within the stipulated timeframe, we will take appropriate legal measures to compel compliance,” SERAP concluded.
