The Socio-Economic Rights and Accountability Project (SERAP) has asked Mr. Bayo Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.”

SERAP urged Mr. Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”

SERAP also urged Mr. Ojulari “to invite the EFCC and ICPC to investigate the expenditure and whereabouts of the N500 billion, and ensure the full recovery and remittance of the money to the Federation Account without further delay.

The World Bank had last week disclosed that out of the N1.1trn Nigerian revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. 

The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the  national budget.

In the Freedom of Information request dated 17th May, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation stated: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 (as amended).

“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.

“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 (as amended).

“Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.

“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.

“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.

“SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL.

“SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.

“The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.

“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”

SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.”

Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.

Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds.

“These commitments ought to be fully upheld and respected,” SERAP stated.

“Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.”

“Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services,” it said.