The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mr. Bayo Bashir Ojulari, has been asked by the Socio-Economic Rights and Accountability Project (SERAP) to give a thorough explanation of the purportedly unaccounted-for oil revenues totaling ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.
The organization’s demand comes after the Federation’s Auditor-General’s 2022 annual report revealed inconsistencies and missing money in the company’s books.
The yearly report was released on September 9, 2025, according to SERAP.
The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) should prosecute those responsible for the misused or diverted oil money, according to SERAP’s request that Ojulari identify them.
Additionally, SERAP encouraged him to ensure that the N22.3 billion, USD $49.7 million, £14.3 million, and €5.2 million in oil funds that were diverted or misappropriated are fully recovered and returned to the treasury as soon as possible.
The organization stated: “These serious accusations by the Auditor-General suggest a grave violation of the public trust, the Nigerian constitution 1999 [as amended], anticorruption laws, and the country’s international obligations,” in a letter dated October 25, 2025, and signed by SERAP deputy director Kolawole Oluwadare.
The accusations have also undermined the nation’s economic growth, kept most Nigerians in poverty, and denied them opportunity.
“Reports of oil money going missing from the NNPCL have been documented by the Auditor-General for many years. The majority of these missing oil funds, which were intended to fund vital public services for Nigerians, continue to fall on Nigerians.
Fighting the oil industry’s corruption epidemic will reduce poverty, increase Nigerians’ access to essential public goods and services, and strengthen the government’s capacity to uphold its anti-corruption and human rights commitments.
Because of the pervasive massive corruption, especially in the NNPCL, and the deeply ingrained culture of impunity for offenders, ordinary Nigerians have not benefited much from the country’s enormous oil wealth.
“The misappropriated or diverted oil revenues are directly related to the institution’s ongoing failure to uphold the principles of accountability and transparency and represent a failure of NNPCL accountability in general.”
The already fragile economy has been further harmed by the misappropriated or diverted oil earnings, which have also led to extremely high levels of government borrowing and deficit expenditure.
“It is possible that more money would have been given to the realization of Nigerians’ economic and social rights, such as greater spending on healthcare and education, if the NNPCL had accounted for and remitted the diverted or misappropriated oil money and returned it to the treasury.
Additionally, the government would have borrowed less.
After receiving and/or publishing this letter, we would appreciate it if the suggested actions were taken within seven days. SERAP will take appropriate legal measures to force the NNPCL to comply with our requests in the public interest if we haven’t heard from you by then.
The Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for more than N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil money, according to the Auditor General of the Federation’s 2022 audit report, which was released on September 9, 2025.
The Auditor-General is concerned that the funds might have been “diverted.”
According to reports, the NNPCL spent more than N292 million (N292,609,972.29) in 2020 for a contract to build an accident and emergency facility along Airport Road in Abuja. However, “despite collecting the fee, the contractor has abandoned the contract and failed to execute the job.”
The Auditor-General is concerned that the contract funds might have been “diverted.” He requests that the funds be “recovered from the contractor and remitted to the Treasury.”
Additionally, the NNPCL reportedly spent more than GBP £14 million [£14,322,426.59] in 2021 “to repair its London office.” However, “there was no documentation of any spending, and no evidence to show that the money was actually spent.”
The Auditor General is concerned that “the money may have been misappropriated or diverted.” He wants the funds retrieved and transferred to the Treasury.
Additionally, the NNPCL “irregularly paid” a contractor more than USD $22 million [$22,842,938.28] to hoist nine cargoes of crude oil. The NNPCL “failed to explain why the contractor received over $22 million for crude during the same period and why the amount due to it from crude from January to October 2019 was only $4,858,997.22.”
