SERAP has asked NNPCL CEO Bayo Ojulari to account for N22.3bn and foreign currencies flagged missing by the Auditor-General in the 2022 report

SERAP has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Bashir Ojulari, to explain and recover the alleged missing N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil revenues, as flagged by the Auditor-General of the Federation in the recently published 2022 annual report.

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In a letter dated 25 October 2025, signed by Kolawole Oluwadare, Deputy Director of SERAP, the organisation described the findings as a grave breach of public trust and urged NNPCL to hand over those responsible to the ICPC and EFCC for prosecution.

According to SERAP, the Auditor-General’s report, published on 9 September 2025, details numerous cases of financial mismanagement and contract irregularities within the NNPCL, including unexecuted projects, inflated payments, and unremitted taxes.

The group stressed that these alleged diversions had worsened Nigeria’s economic woes and deepened poverty.

“These grim allegations by the Auditor-General suggest violations of the Nigerian Constitution, anti-corruption laws, and international obligations,” SERAP stated.

“The missing funds could have supported education, healthcare, and other essential public services, but instead, they reflect systemic failure in NNPCL’s accountability.”

The report alleged, among other issues, that the NNPCL paid N292 million for an abandoned project, £14 million for unverifiable office repairs, and over USD$22 million in unexplained crude lifting payments.

Similar patterns of unapproved expenditures and tax irregularities reportedly appeared across multiple transactions between 2019 and 2021.

SERAP urged Mr Ojulari to ensure full recovery and return of all diverted or misappropriated funds to the national treasury, warning that failure to act within seven days would prompt legal action to compel compliance.

“The diverted or misappropriated oil revenues have damaged the economy, increased deficit spending, and eroded citizens’ trust,” the letter added.

SERAP further reminded NNPCL of its constitutional obligation under Section 15(5) of the 1999 Constitution to eliminate corrupt practices and abuse of power.

As of press time, NNPCL has not publicly responded to the allegations.

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The controversy adds to the growing scrutiny of transparency and governance within Nigeria’s oil sector a domain often described as the lifeblood of the nation’s economy yet plagued by persistent accountability challenges.