The 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 provide a full account of the ₦500 billion allegedly unremitted to the Federation Account between October and December 2024, as recently revealed by the World Bank.

In a Freedom of Information request dated May 17, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the group urged Mr. Ojulari to identify and surcharge those responsible, and hand them over to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation and prosecution.

SERAP also demanded that the anti-corruption agencies be invited to probe the spending and current status of the missing funds, and ensure their full recovery and remittance to the Federation Account without delay.

The World Bank recently reported that of the ₦1.1 trillion generated from crude oil sales and other income in 2024, the NNPCL remitted only ₦600 billion leaving ₦500 billion unaccounted for. The International Monetary Fund (IMF) also emphasized the need to channel fuel subsidy savings into the national budget.

“There is a legitimate public interest in explaining the whereabouts of the missing ₦500 billion, which represents a grave violation of the Nigerian Constitution,” SERAP said. “Oil wealth must be managed in the interest of Nigerians and future generations.”

SERAP criticized the NNPCL for failing to remit fuel subsidy savings, effectively denying states and local governments their constitutional allocations. “The missing funds have directly undermined national development and worsened poverty levels,” the letter stated.

The group warned that failure to act within seven days would prompt legal action to compel compliance, noting that the issue reflects broader failures in accountability and transparency within NNPCL.

“The Nigerian Constitution, the Freedom of Information Act, and international anti-corruption treaties guarantee public access to information on public funds,” SERAP emphasized. It also cited a recent Supreme Court judgment affirming that the FOI Act applies to all public records, including those held by NNPCL.

SERAP raised concern over longstanding reports by the Auditor-General and the Nigeria Extractive Industries Transparency Initiative (NEITI) documenting mismanagement of oil revenues. “Despite Nigeria’s vast oil wealth, widespread corruption and impunity have prevented citizens from benefiting,” it said.

“The disappearance of ₦500 billion in oil revenue has exacerbated Nigeria’s fiscal challenges, increased deficit spending, and deprived the public of critical services,” SERAP added. “Full recovery of the funds would ease the economic burden and support the realization of economic and social rights.”

Citing the Nigerian Constitution, African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights, SERAP reiterated citizens' right to know the fate of public funds and urged urgent action to restore public trust.