The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to account for alleged missing public funds amounting to ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.
In an open letter dated 25 October 2025 and signed by its Deputy Director, Kolawole Oluwadare, SERAP urged the NNPCL boss to ensure the immediate recovery of any diverted or misappropriated funds and to hand over all individuals involved to the appropriate law enforcement agencies.
The organisation stated that the allegations were based on findings contained in the 2022 Annual Report of the Auditor-General of the Federation, which was released on 9 September 2025.
SERAP noted that the Auditor-General’s report suggests serious breaches of public trust, the 1999 Nigerian Constitution, national anti-corruption laws, and Nigeria’s international obligations.
“These allegations have undermined economic development, deepened poverty, and deprived millions of Nigerians of essential opportunities,” the group stated.
SERAP further argued that addressing entrenched corruption within the oil sector would help reduce poverty, improve access to basic public services, and strengthen the government’s ability to fulfil its human rights and anti-corruption commitments.
Despite Nigeria’s substantial oil wealth, SERAP lamented that ordinary citizens have seen little benefit, attributing this to systemic corruption at NNPCL and a widespread culture of impunity.
The organisation added that the alleged diversion of oil revenues reflects a broader failure of transparency and accountability within NNPCL and has contributed to increased government borrowing and fiscal instability.
SERAP said, “Had NNPCL properly accounted for and remitted these funds to the treasury, more resources could have been channelled towards health, education, and other critical sectors. The country’s debt levels might also have been significantly lower.”
Audit Report Findings
The Auditor-General’s 2022 report highlighted several questionable transactions, including:
Over ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million in oil revenue reportedly unaccounted for by NNPCL.
A ₦292.6 million payment in 2020 for the construction of an Accident and Emergency Centre on Airport Road, Abuja — a project abandoned by the contractor despite full payment.
An expenditure of more than £14.3 million in 2021 to renovate NNPCL’s London office, with no supporting documents to verify the spending.
An “irregular payment” of $22.8 million to a contractor for lifting nine crude oil cargoes, despite the company only declaring $4.86 million in revenue from the same period (January to October 2019).
An additional ₦2.38 billion reportedly paid as vehicle cash allowances without appropriate justification.
The Auditor-General expressed concern that these funds may have been diverted and recommended their recovery.
SERAP has urged NNPCL to act swiftly, warning that failure to do so would further erode public confidence and worsen Nigeria’s pressing economic challenges.
