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The Socio-Economic Rights and Accountability Project (SERAP) has demanded a full explanation from the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, over the alleged mismanagement of oil revenues totaling about ₦50 billion as flagged by the Auditor-General of the Federation in its 2022 annual report.
According to the audit, released on September 9, 2025, the report questioned several transactions involving ₦22 billion, $49 million, £14 million, and €5 million, figures that collectively amount to roughly ₦50 billion when converted.
The findings raised serious concerns over how Nigeria’s national oil company handled public funds.
In a letter dated October 25, 2025, and signed by Kolawole Oluwadare, SERAP’s Deputy Director, the organisation urged Ojulari to publish a detailed breakdown of the oil revenues and identify officials responsible for the discrepancies.
It also asked that the findings be submitted to the Economic and Financial Crimes Commission (EFCC) and other anti-corruption agencies for further action.
“These are not just figures on paper; they represent public wealth that could have improved millions of lives,” SERAP said.
“If the NNPCL truly stands for accountability, it must come clean on how every kobo of this ₦50 billion was spent.”
The group also urged the NNPCL to recover all missing or misappropriated funds and remit them to the national treasury.
It warned that failure to address the issues could further weaken public trust and worsen economic instability.
According to SERAP, the Auditor-General’s findings highlighted irregular payments, incomplete projects, and documentation gaps in oil-related transactions, which it said pointed to systemic corruption in the sector.
“For decades, poor transparency in the petroleum industry has kept Nigerians in poverty despite the nation’s vast oil wealth,” the statement continued.
“Proper management of these funds could transform the education, healthcare, and infrastructure sectors.”
The rights group further advised the NNPCL to strengthen internal audit processes, plug financial loopholes, and ensure full compliance with audit recommendations.
SERAP gave the oil company a seven-day ultimatum to act, warning that it would pursue legal action if the management failed to respond.
“If there is no action within seven days, we will not hesitate to seek a court order to compel transparency and accountability,” it said.
The organisation concluded by stressing that openness was the only way to restore faith in the system.
“Every naira from Nigeria’s oil belongs to the people,” it stated. “Those entrusted with managing it must be answerable to the public.”