The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Limited), Bayo Ojulari, to provide a full account of the billions in oil revenues flagged by the Auditor-General of the Federation in its 2022 annual report.
The audit, released on September 9, 2025, raised red flags over several transactions involving more than ₦22 billion, $49 million, £14 million, and €5 million in oil-related income handled by the national oil company.
In a letter dated October 25, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP urged Ojulari to ensure full transparency by naming those responsible for any unaccounted funds and submitting the findings to the relevant anti-corruption bodies.
“These findings raise serious concerns about transparency and accountability in the management of public resources,” the group said.
SERAP asked NNPCL to recover all unremitted or misapplied funds and return them to the national treasury, warning that the credibility of the oil sector and the nation’s economy was at stake.
“The allegations, if not promptly and transparently addressed, could undermine public confidence and economic stability,” it added.
The organisation noted that the Auditor-General’s report highlighted irregular payments, abandoned projects, and documentation lapses in oil sector transactions. It said corruption and poor accountability had long deprived Nigerians of the benefits of the country’s vast oil wealth.
“Despite the country’s enormous oil resources, citizens continue to face hardship due to a lack of accountability and transparency in revenue management,” the statement read.
SERAP argued that if the funds identified in the audit were properly accounted for, the government could redirect more resources to vital sectors such as education, healthcare, and social welfare. It also urged the NNPCL to tighten internal controls and improve oversight on contracts and financial transactions.
The group warned that it would take legal action if NNPCL failed to respond within seven days.
“We would be grateful if the recommended measures are taken within seven days of the receipt and publication of this letter.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel compliance in the public interest,” the group said.
SERAP reminded the oil company of its obligation under Section 15 (5) of the Nigerian Constitution, which requires public institutions to prevent corruption and abuse of power.
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