Group demands explanation over missing N500bn oil revenue from NNPCL

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The Socio-Economic Rights and Accountability Project has asked the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, to immediately account for and explain the whereabouts of the N500 billion oil revenue the company allegedly failed to remit to the Federation Account between October and December 2024.

In a letter dated May 17, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP cited recent revelations by the World Bank which showed that out of N1.1 trillion earned from crude oil sales and other income in 2024, only N600 billion was remitted by the NNPCL, leaving a staggering N500 billion unaccounted for.

The organisation is demanding full disclosure and recovery of the missing funds, and has threatened legal action should the company fail to act within seven days.

“SERAP is writing to request you to use your good offices and leadership position to promptly account for and explain the whereabouts of the missing N500 billion, which the Nigerian National Petroleum Company Limited failed to remit to the Federation Account,” the letter stated.JAMB’s

SERAP also urged Ojulari to identify and surcharge those responsible for the missing funds and hand them over to anti-graft agencies for investigation and prosecution.

“SERAP urges you to promptly identify those suspected to be responsible for the alleged missing oil money, surcharge them for the full amount involved, and hand them over to the ICPC and the EFCC,” the group wrote.

Citing the World Bank report, the group noted that revenue from oil sales and other sources was expected to be fully paid into the Federation Account and shared by all tiers of government, but the NNPCL failed to comply.

“Nigerians have the right to know why the NNPCL is remitting only 50 per cent of the gains generated from the removal of petrol subsidies to the Federation Account,” SERAP said.