Just In: NNPCL Asked To Invite EFCC, ICPC; Account For ‘Missing’ ₦825 Billion, $2.5 Billion

The Socio-Economic Rights and Accountability Project (SERAP) has called on Mele Kolo Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, to provide a detailed account of the alleged missing ₦825 billion and $2.5 billion allocated for refinery rehabilitation and other oil revenues.

Naijaonpoint reports that these discrepancies were highlighted in the 2021 annual report released by the Auditor-General of the Federation.

The report, published on November 27, 2024, prompted SERAP to demand accountability and transparency.

In its letter dated January 4, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP requested that Kyari identify those responsible for the missing funds and refer them to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).

Additionally, SERAP urged Kyari to formally invite former President Olusegun Obasanjo to inspect Nigeria’s refineries and to include the ICPC and EFCC in monitoring refinery operations and expenditures, particularly at the Port Harcourt and Warri refineries.

The organization welcomed Kyari’s public invitation to Obasanjo, emphasizing the importance of transparency and accountability in the refinery sector.

SERAP stated that the Auditor-General’s findings reveal significant violations of public trust, Nigerian constitutional provisions, and international anti-corruption obligations.

The letter outlined numerous financial irregularities documented in the Auditor-General’s report.

These include the unaccounted N82.9 billion for refinery rehabilitation and repairs, N343.6 billion in proceeds from domestic crude sales, and N83.6 billion in miscellaneous income from joint venture operations.

Other discrepancies include N204.8 billion in unjustified deductions from oil royalties, N3.7 billion for shortfalls in PMS sales, and N28.6 billion in outstanding bridging allowances.

Furthermore, the report highlighted uncollected royalties and debts totaling billions, including $2 billion and N48 billion in outstanding oil royalties from companies.

The Auditor-General expressed concern that these missing funds have severely impacted Nigeria’s economic development, left many citizens in poverty, and hindered budgetary funding.

SERAP reiterated its demand for action, giving a seven-day ultimatum for the NNPCL to address the issues or face legal action. It called for the recovery and remittance of all missing funds to the Federation Account and the prosecution of those responsible.

Citing Section 15(5) of the Nigerian Constitution, SERAP underscored the obligation of public institutions to eliminate corruption and abuse of power.

The organization noted that recurring reports of missing public funds from the NNPCL have caused significant hardship for Nigerians, who continue to bear the consequences of inadequate refinery rehabilitation and mismanagement.