SERAP Gives Nigeria’s Petroleum Company, NNPCL 7 Days To Account For ‘Missing $2.04bn, N164bn Oil Revenues’

The Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Mele Kolo Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited to “promptly account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.”


SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.


SERAP urged Mr Kyari “to name and shame those responsible for the disappeared oil money, surcharge them for the full amount involved, and hand them over to appropriate anti-corruption agencies, as provided for under paragraph 3112(ii) of the Financial Regulations 2009, and recommended by the Auditor-General.”


SERAP also urged him “to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account without further delay.”

In a letter dated February 17, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organisation said: “The missing oil revenues have further damaged the already precarious economy in the country and contributed to very high levels of deficit spending by the government.

“Without the full recovery and remittance of the missing USD$2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”

According to SERAP, “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.”

The letter, read in part: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.


“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.


“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into 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.”





SERAP said the NNPCL reportedly failed and/or refused to remit N151,121,999,966.

It said, “The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.

“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.

“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.”

“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC,” it also said.

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