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 oil revenues totalling ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million reportedly unaccounted for in the company’s financial records.
In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the missing funds were flagged in the 2022 Annual Report released by the Auditor-General of the Federation on September 9, 2025.
SERAP urged Ojulari to identify and hand over all officials involved in the alleged diversion or misappropriation of the funds to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution. It also demanded that the missing sums be recovered and remitted to the national treasury.
“These grim allegations by the Auditor-General suggest a grave violation of public trust, the Nigerian Constitution, anti-corruption laws, and the country’s international obligations,” SERAP stated.
The rights group alleged that the Auditor-General’s findings exposed systemic corruption within the
, which it said had “undermined Nigeria’s economic development, trapped millions in poverty, and deprived citizens of access to essential public services.”
SERAP further lamented that similar cases of unremitted or missing oil revenues had been reported repeatedly over the years without accountability, adding that ordinary Nigerians “continue to bear the brunt of corruption in the oil sector.”
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access to essential services, and strengthen Nigeria’s ability to meet its human rights and anti-corruption obligations,” the group said.
The organisation also linked the missing oil revenues to Nigeria’s growing debt burden and deficit spending, stressing that if the funds had been properly accounted for, “more resources would have been available for education, healthcare, and other vital sectors.”
SERAP gave NNPCL a seven-day ultimatum to take corrective action or face legal proceedings aimed at compelling compliance.
Citing details from the 2022 Auditor-General’s Report, the organisation listed several irregularities in NNPCL’s financial accounts, including:
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₦292 million for an abandoned Accident and Emergency Facility project in Abuja.
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£14.3 million allegedly spent to repair the company’s London office without verifiable evidence.
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An irregular $22.8 million payment to a contractor for crude lifting with unclear justification.
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₦2.3 billion paid as car cash options to 100 staff members without requisite approval.
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₦12.7 billion unremitted operating surplus for December 2020.
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€5.1 million disbursed for jetty operations without supporting documentation.
The Auditor-General reportedly warned that much of the money “may have been diverted or misappropriated” and recommended its recovery and immediate remittance to the government’s treasury.
SERAP reminded the NNPCL of its constitutional obligation under Section 15(5) of the 1999 Constitution (as amended), which requires public institutions to abolish corrupt practices and abuse of power, urging the company to act transparently and in the public interest.
