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. Bayo Bashir, to account for N500 billion allegedly missing from the Federation Account.
In a Freedom of Information (FoI) request dated May 17, 2025, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organization demanded a full disclosure on the shortfall, reportedly uncovered by the World Bank.
According to the World Bank, the NNPCL generated N1.1 trillion in revenue from crude oil sales and other sources between October and December 2024, but remitted only N600 billion—leaving a shortfall of N500 billion.
SERAP urged the NNPCL chief to identify and surcharge all those suspected to be involved in the unaccounted funds, and to hand them over to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for prosecution.
The civil society group also asked Ojulari to invite both anti-graft agencies to investigate the spending and recover the funds without delay.
SERAP emphasized the importance of transparency and accountability in the use of oil revenues, stating that the unremitted funds represent a grave constitutional violation. It noted that Nigerians have a right to know why the NNPCL failed to remit subsidy removal savings to the Federation Account.
The organization also accused the national oil company of denying state and local governments their constitutionally guaranteed allocations, and insisted that Nigeria’s oil wealth must be used solely for the benefit of current and future generations.
The NNPCL has yet to issue an official response to the allegations.
