SERAP Demands Full Disclosure on Missing ₦500 Billion Oil Revenue, Pressures NNPCL for Transparency

The Socio-Economic Rights and Accountability Project (SERAP) has once again taken center stage in Nigeria’s anti-corruption advocacy, as the organization has formally demanded that the Nigerian National Petroleum Company Limited (NNPCL) account for ₦500 billion allegedly unremitted to the Federation Account between October and December 2024.

In a Freedom of Information (FoI) request dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group called on NNPCL’s Group Chief Executive Officer, Bayo Bashir Ojulari, to explain what happened to the massive shortfall. According to a recent World Bank disclosure, the NNPCL generated ₦1.1 trillion from crude oil sales and related revenues during the final quarter of 2024. However, only ₦600 billion of that sum was reportedly remitted to the national treasury—leaving a ₦500 billion deficit shrouded in mystery.

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SERAP did not mince words in its demand, calling the situation a serious breach of public trust and a violation of the Nigerian Constitution. The group stressed that all Nigerians have the right to know how their commonwealth is being managed—especially revenues derived from oil, the country’s most lucrative natural resource.

“There is a legitimate public interest in explaining the whereabouts of the alleged missing ₦500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended],” the group said in its statement.

SERAP requested that the NNPCL identify those allegedly involved, surcharge them for the missing amount, and turn them over to anti-graft agencies—namely the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC)—for full investigation and prosecution.

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The situation has not gone unnoticed internationally. The International Monetary Fund (IMF) recently emphasized that savings generated from fuel subsidy removals must be transparently accounted for and redirected into Nigeria’s national budget to fund public services. SERAP echoed this position, noting that full remittance of the ₦500 billion could significantly improve the government’s capacity to address poverty, boost healthcare, education, and infrastructure, and fulfill its human rights obligations.

“Had the NNPCL accounted for and remitted the alleged missing ₦500 billion to the Federation Account, more funds would have been available to fulfill economic and social rights,” the letter stated.

Legal Grounds and Threat of Litigation

Quoting Sections 13 and 15(5) of the 1999 Constitution, as well as provisions under the Freedom of Information Act, African Charter on Human and Peoples’ Rights (Article 9), and the International Covenant on Civil and Political Rights (Article 19), SERAP affirmed that citizens have the constitutional and international right to access information regarding public finances.

In its warning, SERAP stated, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.”

In a landmark reminder, SERAP highlighted a recent Supreme Court judgment declaring that the Freedom of Information Act is applicable nationwide, including public institutions such as the NNPCL. The group also referenced past audits by the Auditor-General and findings by the Nigeria Extractive Industries Transparency Initiative (NEITI), which consistently flagged irregularities in the remittance of oil revenues.

SERAP painted the missing oil revenue as part of a broader pattern of institutional negligence, lack of transparency, and impunity that has long plagued Nigeria’s oil sector. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption and the entrenched culture of impunity,” the group said.

They stressed that rectifying this situation is not only a financial necessity but also a moral imperative. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”

As Nigerians continue to grapple with economic hardship, rising inflation, and underfunded public sectors, SERAP’s request echoes the frustration of millions who believe that oil wealth has been mismanaged for decades. The organization’s demand for the full disclosure, recovery, and remittance of the missing ₦500 billion could mark a turning point—if acted upon decisively.

The ball is now in the court of NNPCL’s leadership and the relevant anti-corruption agencies. Whether they will uphold the principles of transparency and justice, or allow another financial scandal to fade into the background, remains to be seen.