World Bank: SERAP Demands EFCC, ICPC Probe Into Missing ₦500 Billion Oil Revenue From NNPCL

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 Bashir Ojulari, to clarify the whereabouts of ₦500 billion reportedly unremitted to the Federation Account between October and December 2024.

Citing a recent disclosure by the World Bank, SERAP stated that while the NNPCL generated ₦1.1 trillion from crude oil sales and related revenue during the period, only ₦600 billion was paid into the Federation Account. The remaining ₦500 billion is yet to be accounted for.

In a formal Freedom of Information request dated May 17, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP urged Ojulari to identify those allegedly responsible for the missing funds and ensure that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) are invited to probe the matter.

SERAP demanded, “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”

Furthermore, the organisation called for the anti-graft agencies to “investigate the spending and whereabouts of the ₦500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.”

The IMF has also weighed in on the matter, urging that funds saved from fuel subsidy removal be directed to the national budget.

Highlighting the gravity of the issue, SERAP stressed that Nigerians are entitled to transparency regarding public funds, especially those derived from the country’s oil wealth.

“There is a legitimate public interest in explaining the whereabouts of the alleged missing ₦500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended],” the organisation stated.

SERAP emphasised that oil revenues should benefit all Nigerians, both present and future generations. “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and the sake of the present and future generations.”

In addition, the statement noted: “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 [as amended].

“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”

SERAP also expressed readiness to pursue legal action should NNPCL fail to take appropriate steps. “We would be grateful if the recommended measures are taken within 7 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,” the letter continued.

The organisation cited constitutional obligations under Sections 13 and 15(5), which require public institutions to observe the principles of transparency and abolish corrupt practices.

They added: “The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.”

Referring to a recent Supreme Court ruling, SERAP reminded NNPCL that the Freedom of Information Act is enforceable across the federation, including within the oil corporation. “SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL.”

According to SERAP, past reports by the Auditor-General and the Nigeria Extractive Industries Transparency Initiative (NEITI) have consistently raised concerns about the disappearance of oil revenues from the company.

They noted that this mismanagement contributes to Nigeria’s economic struggles. “The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.

“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.

“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.”

SERAP insisted that holding those responsible accountable would recover funds and alleviate and enhance access to public services. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”

They reiterated: “According to our information, the World Bank recently disclosed that out of the ₦1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted ₦600bn, leaving a deficit of ₦500bn unaccounted for.

“Had the NNPCL accounted for and remitted the alleged missing ₦500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.

“Without the full recovery and remittance of the missing ₦500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”

Concluding, SERAP cited key international legal provisions supporting Nigerians’ right to know how public funds are managed. “The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing ₦500 billion of oil revenue.”