The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPCL), Mr. Bayo Bashir Ojulari, to account for the missing ₦500 billion in unremitted revenue between October and December 2024, as reported by the World Bank.
In a formal statement issued over the weekend, SERAP urged Ojulari to disclose the whereabouts of the funds, identify all individuals involved, surcharge them for the full amount, and hand them over to the EFCC and ICPC for investigation and prosecution.
“The NNPCL must invite the EFCC and ICPC to investigate the spending and whereabouts of the ₦500 billion, and ensure the full recovery and remittance of the money to the Federation Account without further delay,” SERAP stated.
According to a World Bank report released last week, the NNPCL generated approximately ₦1.1 trillion in revenue from crude oil sales and other income sources in 2024. However, only ₦600 billion was reportedly remitted to the Federation Account, leaving a staggering ₦500 billion unaccounted for.
SERAP emphasized that this lack of transparency violates both constitutional provisions and public trust, especially amid ongoing economic pressures and government borrowing.
The group has called for urgent intervention from Nigeria’s anti-graft agencies and warned that it will explore legal options if accountability measures are not implemented swiftly.
This is not the first time the NNPCL has come under scrutiny for revenue management, raising renewed concerns about governance, fiscal discipline, and transparency in the oil sector.
