The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to provide a detailed explanation regarding alleged unaccounted public funds amounting to ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.
In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization referenced findings from the 2022 Annual Report of the Auditor-General of the Federation, which reportedly uncovered financial discrepancies and irregularities in NNPCL’s financial records.
According to the letter, the amounts in question were not properly documented or justified in the company’s books, raising serious concerns about transparency and accountability in the management of public funds. SERAP described the development as “a grave violation of the public trust,” urging swift action to identify and prosecute those involved.
The group specifically requested that NNPCL’s Group Chief Executive Officer, Mr. Bayo Ojulari, take immediate steps to identify, suspend, and hand over any officials implicated in the alleged diversion of funds to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation and prosecution.
“Unexplained or unaccounted public funds represent not just financial mismanagement but a breach of the Nigerian people’s right to transparency and accountability,” the letter stated. SERAP emphasized that the recovery and proper remittance of the missing sums to the national treasury is critical to restoring public confidence in the NNPCL and the broader oil sector.
The organization also issued a seven-day ultimatum to NNPCL to publicly clarify the status of the funds and disclose the steps being taken to address the audit findings. Failure to comply, SERAP warned, would prompt legal action to compel accountability and recovery through Nigeria’s judicial system.
This latest development adds to growing scrutiny over financial governance within key state-owned enterprises. Civil society observers note that the NNPCL, as Nigeria’s most strategic national asset, must adhere strictly to transparency principles to support the Federal Government’s reform agenda and anti-corruption commitments.
As of press time, the NNPCL had not issued an official response to SERAP’s demand.
