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The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mr. Bayo Bashir Ojulari, has been urged by the Socio-Economic Rights and Accountability Project (SERAP) to give a thorough explanation of the purportedly unaccounted-for oil revenues totaling ₦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 monies in the company’s records.
The annual report, according to SERAP, 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 be tasked with prosecuting people responsible for the misused or diverted oil money, according to SERAP’s request that Ojulari identify them.
Additionally, SERAP encouraged him to ensure the complete recovery and prompt return to the Treasury of the N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil funds that were diverted or misappropriated.
The organization stated in a letter dated October 25, 2025, and signed by Kolawole Oluwadare, deputy director of SERAP: “These serious accusations 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.”
Additionally, the accusations have undermined Nigeria’s economic growth, kept the bulk of its citizens in poverty, and denied them chances.
For many years, the Auditor-General has kept records of reports of oil money going missing from the NNPCL. The majority of these lost 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 fulfill its human rights and anti-corruption commitments.
Because of the pervasive massive corruption, particularly in the NNPCL, and the deeply ingrained culture of impunity of offenders, ordinary Nigerians have benefited very little from oil money despite the nation’s enormous oil resources.
“The misappropriated or diverted oil earnings are directly related to the institution’s ongoing failure to follow the standards of openness 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 revenues, which have also led to extremely high levels of government borrowing and deficit spending.”
“It is possible that more money would have been given to the fulfillment of Nigerians’ economic and social rights, such as greater spending on healthcare and education, if the NNPCL had accounted for and remitted the diverted or misused oil money and returned it to the treasury.
Additionally, there would have been less borrowing by the government.
“If the suggested actions are implemented within seven days of receiving and/or publishing this letter, we would be appreciative. SERAP will take appropriate legal measures to force the NNPCL to comply with our requests in the public interest if we have not heard from you by 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 audit report, which was released on September 9, 2025.
The money may have been “diverted,” according to the Auditor-General.
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 in Abuja. However, “the contractor has failed to complete the job and has abandoned the contract, despite collecting the fee.”
The contract funds may have been “diverted,” according to the Auditor-General. The money should be “recovered from the contractor and remitted to the Treasury,” according to his request.
In order to fix its London office, the NNPCL reportedly spent more than GBP £14 million [£14,322,426.59] in 2021. However, “there were no documents of any spending and no evidence to show that the money was actually spent.”
“The money may have been diverted or misappropriated,” according to the Auditor-General. He desires that the funds be retrieved and sent back to the government.
Additionally, the NNPCL “irregularly paid” a contractor more than USD $22 million [$22,842,938.28] for transporting nine loads of crude oil. “The amount owed to it from crude from January to October 2019 was only $4,858,997.22 and the contractor received over $22 million for crude during the same period,” the NNPCL said.
