The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company Limited (NNPCL) to account for N500bn in unremitted funds, as reported by the World Bank

[dropcap]T[/dropcap]he Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, to account for the N500bn which, according to a World Bank report, the NNPCL failed to remit to the Federation Account between October and December 2024.

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In a Freedom of Information request dated 17 May 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP has called on the newly appointed NNPCL chief to involve the Independent Corrupt Practices and Other Related Offences Commission or the Economic and Financial Crimes Commission to investigate the alleged non-remittance.

The group has given the NNPCL a seven-day ultimatum to launch the probe or face a lawsuit.

Part of the FOI request reads, “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500bn oil money and grave violations of the Nigerian Constitution 1999 (as amended).

“We would be grateful if the recommended measures are taken within seven 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.”

Last week, the World Bank disclosed that out of the N1.1trn realised from crude oil sales and other revenue sources in 2024, only N600bn was remitted by the NNPCL, leaving a shortfall of N500bn.

The International Monetary Fund also recently advised that savings from the removal of petrol subsidies be redirected to the national budget.

SERAP stated that launching an investigation would demonstrate Mr Ojulari’s commitment to transparency and accountability.

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

“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the company is deliberately denying states and local governments their statutory allocations, contrary to the Nigerian Constitution.”

It added that the missing oil revenue was indicative of systemic lapses in the NNPCL’s accountability framework and a failure to uphold principles of transparency.

There is a legitimate public interest in explaining the whereabouts of the alleged missing N500bn oil money and grave violations of the Nigerian Constitution 1999 (as amended).

The group said the consequences of such financial irregularities are borne by ordinary Nigerians in the form of underdevelopment and poor public service delivery.

“SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act applies to public records in the Federation, including those held by the NNPCL.”

“SERAP is concerned that the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative have for years documented reports of missing oil revenues linked to the NNPCL.”

It warned that these persistent allegations continue to undermine the country’s economic development, entrench poverty, and limit opportunities for citizens.

The organisation stressed that the NNPCL’s failure to remit public funds would constitute a serious breach of trust and violate provisions of the Constitution, national anti-corruption laws, and the UN Convention against Corruption.

“Despite Nigeria’s vast oil wealth, ordinary citizens have seen little benefit due to grand corruption and a culture of impunity,” it said.

“Combating corruption in the oil sector will reduce poverty, improve access to basic services, and strengthen the government’s capacity to meet its obligations under human rights and anti-corruption frameworks.”

“According to our information, the World Bank recently disclosed that of the N1.1trn realised in 2024, only N600bn was remitted by NNPCL—leaving a N500bn gap,” the letter reiterated.

SERAP also argued that the call for accountability was supported by constitutional provisions.

“The revenue was expected to be paid into the Federation Account and shared among all tiers of government, but the NNPCL reportedly failed to do so.”

It cited Section 15(5) of the Constitution, which mandates public institutions to eradicate corrupt practices and abuse of power.

“Section 13 also imposes an obligation on the NNPCL to conform to and apply the provisions of Chapter 2 of the Constitution,” it added.

The group restated its call for an independent investigation, pointing out that the NNPCL has for years been dogged by allegations of opacity, oil theft, and corruption.

“Nigeria has made binding commitments under the UN Convention against Corruption to ensure accountability in public resource management.

Articles 5 and 9 of the Convention impose legal obligations on the NNPCL to ensure proper handling of public affairs and funds.”

“These obligations must be fully upheld and implemented.”

“Disclosing the details and whereabouts of the N500bn, identifying those responsible, ensuring prosecution, and recovering the funds would serve public interest and help curb impunity,” it said.

The group also warned that the missing oil revenue undermines citizens’ access to basic rights and services.

It said the unremitted funds contribute to the country’s budget deficits.

“Had the NNPCL accounted for and remitted the N500bn, more funds could have been allocated to essential services and infrastructure,” the letter said.

“Without full recovery and remittance, the worsening economic conditions may persist, and Nigerians will continue to be denied access to basic goods and services.”

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“The Freedom of Information Act, Section 39 of the Constitution, Article 9 of the African Charter on Human and Peoples’ Rights, and Article 19 of the International Covenant on Civil and Political Rights all guarantee the right of access to information on the missing N500bn,” it stated.