The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to address allegations of unaccounted funds amounting to N825 billion and $2.5 billion. These funds were reportedly allocated for refinery rehabilitation and other oil-related activities, as revealed in the 2021 Auditor-General’s report.
In a letter dated January 4, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP urged the Group Chief Executive Officer of NNPCL, Mele Kyari, to identify those responsible for the alleged mismanagement of funds and refer them to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
SERAP further recommended that Kyari formally invite former President Olusegun Obasanjo to tour Nigeria’s refineries, including those in Port Harcourt and Warri, while ensuring that anti-corruption agencies monitor refinery operations and spending.
The letter commended NNPCL for publicly inviting Obasanjo to inspect the refineries, describing the move as a step toward transparency. It also urged Kyari to extend the invitation to the EFCC and ICPC to strengthen public trust.
“While your invitation to the former president is not disrespectful, as claimed by some, it is essential for transparency and accountability. No one is above the law,” the letter stated.
The Auditor-General’s 2021 report, published on November 27, 2024, highlighted severe discrepancies in NNPCL’s financial records. It alleged that funds intended for refinery rehabilitation and other oil revenues were not properly accounted for, amounting to significant losses for the country.
“These allegations suggest a serious breach of public trust and a violation of anti-corruption laws and constitutional provisions,” SERAP noted.
The organization emphasized that such financial irregularities undermine Nigeria’s economic development, leaving millions of citizens in poverty.
SERAP has given NNPCL seven days to act on its recommendations, warning that failure to do so will prompt legal actions to compel compliance.
“We would be grateful if the recommended measures are implemented within seven days of receiving or publishing this letter. Otherwise, we shall pursue appropriate legal steps in the public interest,” the letter added.
The letter reiterated SERAP’s commitment to holding public institutions accountable, ensuring that funds meant for national development are not mismanaged or lost to corruption.
The missing funds and uncompleted refinery projects remain a significant concern for Nigerians, many of whom continue to face economic hardship. Calls for greater accountability in the oil sector have grown louder as the country grapples with dwindling resources and rising public debt.
Efforts by NNPCL to address these allegations will be closely monitored by stakeholders, including civil society organizations, anti-corruption agencies, and the public.
