SERAP Demands Accountability for Missing Oil Funds
Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil money, as highlighted in the recently published 2022 annual report by the Auditor-General of the Federation.
The organization urged Mr. Ojulari to identify those responsible for the diverted or misappropriated funds and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution. SERAP also demanded that the full amount be recovered and returned to the treasury without delay.
In a letter dated 25 October 2025, signed by SERAP deputy director Kolawole Oluwadare, the organization emphasized that the allegations by the Auditor-General suggest a serious violation of public trust, the Nigerian Constitution 1999 (as amended), anti-corruption laws, and the country’s international obligations. These issues have undermined economic development, trapped many Nigerians in poverty, and deprived them of essential services.
According to SERAP, the Auditor-General has documented reports of missing oil money from the NNPCL for many years. The organization noted that Nigerians continue to suffer from these losses, which were meant to fund public services. Combating corruption in the oil sector is crucial to alleviating poverty, improving access to basic goods and services, and enhancing the government’s ability to meet its human rights and anti-corruption obligations.
Despite Nigeria’s vast oil wealth, ordinary citizens have not benefited significantly due to widespread grand corruption, including within the NNPCL, and an entrenched culture of impunity. The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability and are directly linked to the institution’s inability to uphold transparency and accountability.
These financial irregularities have further damaged the already fragile economy and contributed to high levels of deficit spending and borrowing by the government. If the NNPCL had accounted for and remitted the missing funds, more resources could have been allocated to fulfill economic and social rights, such as increased spending on education and healthcare. The level of government borrowing would also have been reduced.
SERAP requested that the recommended measures be taken within seven days of receiving or publishing the letter. If no response is received, the organization will consider appropriate legal actions to compel the NNPCL to comply with its requests.
Key Allegations from the 2022 Annual Report
- N292 million was reportedly paid for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja. However, the contractor abandoned the project despite collecting the fee.
- £14 million was spent on repairing the NNPCL’s London office, but there was no evidence of actual spending or documentation.
- USD$22 million was paid to a contractor for lifting 9 cargoes of crude oil, but the NNPCL failed to explain why the amount due was only $4,858,997.22.
- N2.3 billion was paid as car cash options to 100 staff without approval from the National Salaries, Incomes and Wages Commission.
- N247 million and USD$529,000 in statutory taxes were not deducted from payments to contractors and service providers.
- N3 billion was paid for various services without any documents or trace.
- USD$1 million was paid for charter hire of a coastal vessel before the formal contract ratification.
- N355 million was paid as consultancy fees for negotiating waivers to avoid demurrage on abandoned cargoes.
- N474 million was paid to a contractor for connecting Kaduna Refining and Petrochemical Company Limited to the National Grid.
- USD$2 million was paid for the rehabilitation and upgrade of a system-depot project without any documents.
- USD$8 million was awarded for emergency procurement and installation of custody transfer meters on crude oil and product pipelines at eleven locations.
- €5 million was paid for the operation and maintenance of Atlas Cove Jetty Facility without any documents.
- USD$1 million was paid as legacy debt for charter hire of coastal vessels to a company without power of attorney.
- USD$1 million was inflated for hiring a Time Charter for Carriage of Petroleum Products.
- USD$156,000.00 was paid to a consultant for advising on the financing of the rehabilitation of PHRC, but the payment is doubtful.
- N82 million was paid to a consultant for geotechnical investigations of the proposed Independent Power Plant Project site, but no documents showed any evidence of payment.
- N246 million was paid for a contract for the purchase and supply of 2400 meters of seamless carbon steel pipe to Warri Refinery Petrochemicals Company Limited, but the contract was never executed.
- N46 million in taxes was not deducted from a consultancy contract in December 2020 and 2021.
- N200 million was paid as settlement for tax renegotiation.
- N12 billion was not remitted into the general reserve fund from operating surplus for December 2020.
- N152 million was paid to a company to execute a procurement contract requested from the Office of the Inspector-General of Police, but no documents were provided.
- N25,000,000.00 was paid as an additional consultancy fee on a contract for accounting support.
- USD$12 million was paid to a contractor to buy and install new diesel generation sets at Mosimi Depot, but there is no evidence of completion.
- N145 million was paid for a contract for the operation and maintenance of Electro-Mechanical Facilities in the NNPC Towers, with the contract automatically renewed yearly.
- N1 billion was paid to 13 contractors for various works between 2020 and 2021, but no supporting documents were found.
SERAP emphasized that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.
