…Threatens legal action
Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL), Bayo Ojulari, to “account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.”
SERAP said the annual report was published on 9 September 2025. SERAP urged Ojulari “to identify those responsible for the diverted or misappropriated oil money 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, as appropriate.”
SERAP also urged Ojulari “to ensure the full recovery and return of the diverted or misappropriated ₦22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money to the treasury without further delay”.
In the letter, dated 25 October 2025 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation said: “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”.
SERAP said, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities”.
According to SERAP, “The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians”.
The letter read in part: “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 diverted, or misappropriated, oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
“The diverted, or misappropriated, oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the Government.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations”.
“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”.
SERAP noted that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power”.
