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 Ojulari, to urgently provide a detailed explanation regarding the reported non-remittance of N500 billion oil revenue 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 referenced recent World Bank findings which revealed that while the NNPCL reportedly earned N1.1 trillion from crude oil sales and other sources in 2024, only N600 billion was paid into the Federation Account—leaving a significant shortfall of N500 billion.

The organisation is demanding full disclosure and recovery of the funds, warning that it would initiate legal proceedings if the company fails to respond within seven days.

“SERAP is writing to request that you use your good offices and leadership position to account for and explain the whereabouts of the missing N500 billion,” the letter reads.

SERAP further urged Mr Ojulari to identify those responsible for the alleged shortfall, apply financial penalties where appropriate, and hand the culprits over to relevant anti-corruption agencies such as the ICPC and EFCC for investigation and possible prosecution.

Citing the World Bank report, the group pointed out that all revenue from oil sales is expected to be remitted in full to the Federation Account for distribution among the tiers of government, a requirement the NNPCL allegedly failed to meet.

“Nigerians are entitled to know why only half of the revenue from the removal of petrol subsidies is being remitted by the NNPCL,” SERAP noted.

It described the failure to remit the funds as a serious breach of public trust and a violation of the Nigerian Constitution, domestic anti-corruption laws, and international obligations under the United Nations Convention against Corruption.

SERAP warned that the disappearance of such a large amount has wide-reaching implications for national development, particularly in the areas of poverty reduction, public service delivery, and economic stability.

“Despite Nigeria’s vast oil wealth, most citizens have reaped minimal benefits due to systemic corruption and a deep-rooted culture of impunity,” the organisation stated.

It added that the NNPCL’s apparent failure to meet transparency and accountability standards has only exacerbated the country’s ongoing fiscal challenges.

“The unremitted oil revenue is symptomatic of deeper issues within the NNPCL and its repeated failure to operate with openness and responsibility,” SERAP argued.

Quoting paragraph 3112(ii) of the Financial Regulations 2009, the group stressed that any public officer who fails to properly account for government revenue should be surcharged the full amount and referred to the EFCC or ICPC.

SERAP further argued that recovering the missing N500 billion would bolster the government’s capacity to fund critical sectors such as health, education, and infrastructure.

“Had the NNPCL remitted the alleged missing sum, additional resources could have been channelled into fulfilling citizens’ economic and social rights,” the group said.

It also cited Section 1(1) of the Freedom of Information Act, 2011, which entitles Nigerians to access public information held by any public institution, including the NNPCL, as well as a Supreme Court ruling affirming the Act’s applicability to all public records.

Copies of the letter were sent to President Bola Ahmed Tinubu, the Attorney General of the Federation Lateef Fagbemi (SAN), EFCC Chairman Olanipekun Olukoyede, and ICPC Chairman Musa Aliyu.

“We would appreciate it if the recommended measures are implemented within seven days of receiving or publishing this letter. Failing that, SERAP will consider taking appropriate legal action to ensure compliance,” the organisation added