SERAP demands accountability for missing N825bn, $2.5bn allocated for Refinery repairs

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, to explain the alleged disappearance of N825 billion and $2.5 billion meant for refinery rehabilitation and other oil revenues.

These discrepancies were highlighted in the 2021 annual report by the Auditor-General of the Federation, released on November 27, 2024.

SERAP urged Mr. Kyari to identify those responsible for the alleged mismanagement 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.

Additionally, the organization encouraged Mr. Kyari to formally invite former President Olusegun Obasanjo for an inspection tour of Nigeria’s refineries.

The invitation should also extend to the EFCC and ICPC to ensure transparency in refinery operations and spending, particularly at the Port Harcourt and Warri refineries.

In a letter dated January 4, 2025, signed by its Deputy Director, Kolawole Oluwadare, SERAP stated: “We appreciate your public invitation to former President Obasanjo to visit the Port Harcourt and Warri refineries. While his criticism suggests a misunderstanding, your invitation aligns with the Nigerian Constitution and international anti-corruption standards. To foster transparency, we urge you to formally extend this invitation to anti-corruption agencies.”

SERAP further emphasized that the Auditor-General’s allegations point to severe breaches of public trust and constitutional provisions, undermining Nigeria’s economic development and perpetuating poverty.

The organization warned that if corrective measures are not implemented within seven days, it would pursue legal action to compel NNPCL’s compliance in the public interest.

According to the Auditor-General’s 2021 report, NNPCL failed to account for significant public funds derived from crude oil and gas sales between 2020 and 2021.

These funds, allocated for refinery rehabilitation and repairs, were allegedly deducted before remittance to the Federation Account. The report recommended immediate recovery of the missing amounts and stricter adherence to remittance procedures.

SERAP reiterated the importance of transparency in NNPCL’s operations, urging collaboration with anti-corruption agencies to address the alleged mismanagement and ensure accountability for the missing funds.