Abuja, Oct. 26, 2025 – The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to account for the missing N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million from the company.
It particularly called on Bayo Ojulari, its Group Chief Executive, to identify those who allegedly diverted or misappropriated the funds and hand them over to the anti-corruption agencies.
SERAP urged Ojulari to ensure full recovery and return of the diverted or misappropriated oil money to the treasury without further delay.
SERAP made the call in a letter dated Oct. 25, 2025 and signed by its Deputy Director, Kolawole Oluwadare.
It said the allegations were contained in the 2022 Annual Report of the Auditor-General of the Federation published on Sept. 9, 2025.
SERAP said the report revealed several instances of financial irregularities and mismanagement within the NNPCL which included unremitted funds, undocumented payments, and fictitious contracts.
It listed some of the cases to include the payment of over N292 million for a contract to construct an Accident and Emergency Facility in Abuja, which was allegedly abandoned by the contractor.
Other cases include the NNPCL’s expenditure of over £14 million to repair its London office without any evidence of spending, and the irregular payment of over $22 million to a contractor for lifting crude oil.
The Auditor-General also alleged that the NNPCL failed to deduct statutory taxes from payments made to contractors and service providers, resulting in the loss of millions of naira.
“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.
“The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
“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.
“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.
“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 Auditor-General fears that the money may have been diverted.’”
