The Socio-Economic Rights and Accountability Project (SERAP) has publicly challenged the Nigerian National Petroleum Company Limited (NNPCL) to immediately account for oil money totaling over N22.3 billion, $49.7 million, £14.3 million, and €5.2m that was allegedly diverted or misappropriated.
The demand, directed at the NNPCL Group Chief Executive Officer, Mr. Bayo Bashir Ojulari, is based on alarming findings documented in the 2022 annual report by the Auditor-General of the Federation, which was published on September 9, 2025.
In a letter signed by SERAP Deputy Director Kolawole Oluwadare and dated October 25, 2025, the organization stated that these grim allegations suggest a grave violation of the public trust, the Nigerian Constitution, anti-corruption laws, and the country’s international obligations.
SERAP stressed that the disappearance of these oil revenues has undermined the nation’s economic development, trapped the majority of Nigerians in poverty, and deprived them of essential public services.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators,” the letter read.
The Auditor-General’s 2022 report cites numerous instances that raise serious concerns about diversion and fictitious claims.
The total alleged missing funds comprise several currency components, with the Auditor-General specifically citing the NNPCL’s failure to account for the N22.3 billion, the $49.7 million, the £14.3 million, and the €5.2 million.
The report repeatedly uses the term diverted or expresses fear that the money may be missing.
Specific cases highlighted in the report include the alleged payment of over £14 million to repair the London office without any supporting documents, the irregular payment of over $22 million to a contractor for lifting crude oil, and the non-remittance of over N12 billion into the general reserve fund.
Concerns were also raised over contracts that were allegedly paid for but not executed, such as the N292 million contract for an Accident and Emergency Facility along Airport Road, Abuja, which was reportedly abandoned despite the contractor collecting the fee. Similar fears of payment for work not executed were raised over contracts for pipelines, depot rehabilitation, and the procurement of pipes for the Warri Refinery.
SERAP is also urging Mr. Ojulari to take immediate and decisive action. The organization demanded that the NNPCL CEO identify those responsible for the diverted or misappropriated funds and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution.
SERAP also demanded the full recovery and return of the total N22.3 billion, $49.7 million, £14.3 million, and €5.2 million to the national treasury without delay.
The group noted that the non-remittance and diversion of these revenues have damaged the precarious economy and contributed to the government’s high deficit spending and borrowing.
Had the NNPCL accounted for the funds, SERAP argues, more money would have been available for economic and social rights, such as increased spending on education and healthcare.
SERAP concluded the letter with a seven-day ultimatum: “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.”
