SERAP has called on NNPCL CEO Bayo Bashir Ojulari to account for the missing N500 billion not remitted to the Federation Account between October and December 2024, as reported by the World Bank. The organization urged him to identify and surcharge any suspects involved, and to cooperate with EFCC and ICPC investigations to recover and remit the funds promptly.
Last week, the World Bank revealed that out of N1.1 trillion generated from crude sales and other income in 2024, NNPCL remitted only N600 billion, leaving N500 billion unaccounted for. The IMF also recently called for the savings from subsidy removal to be added to the national budget. In a FOI request dated 17 May 2025, SERAP emphasized the public’s right to know the whereabouts of the missing N500 billion and highlighted violations of the Nigerian Constitution. The organization stated that Nigeria’s oil wealth should benefit its people and questioned why NNPCL failed to remit subsidy savings and is withholding funds from states and local governments, contrary to constitutional provisions.
SERAP urged that these issues be addressed within seven days, warning of legal action if there is no response. The group criticized NNPCL’s lack of transparency, linking the missing funds to broader accountability failures and emphasizing citizens’ right to information per the Constitution, FOI Act, and anti-corruption commitments.
SERAP highlights that the Nigerian Supreme Court recently affirmed that the Freedom of Information Act applies to all public records, including those of NNPCL. Despite reports from the Auditor-General and NEITI over years about the disappearance of oil revenue from NNPCL, the organization remains concerned that this ongoing issue undermines Nigeria’s economic development, traps citizens in poverty, and breaches public trust, the Constitution, anti-corruption laws, and international commitments.
SERAP emphasizes that Nigeria’s vast oil wealth has benefited few due to widespread corruption and impunity. Addressing these issues would reduce poverty, improve access to public services, and help the government fulfill its human rights and anti-corruption responsibilities. Recent disclosures show NNPCL only remitted N600 billion out of N1.1 trillion revenue in 2024, leaving N500 billion unaccounted for, despite expectations that all income be deposited into the Federation Account for equitable distribution. SERAP stresses that Nigerian law and international treaties, including the UN Convention against Corruption, impose strict obligations on NNPCL to ensure transparency, accountability, and proper management of public resources.
SERAP asserts that Nigeria’s commitments to transparency and accountability must be fully upheld. Clarifying the whereabouts of the missing N500 billion, identifying those responsible, and ensuring justice and recovery are vital for public interest and ending impunity. The missing oil revenue has hindered Nigerians’ economic and social rights, depriving them of essential public services amid the current cost of living crisis. It has also worsened the economy’s fragile state, contributing to high deficit spending.
If NNPCL had properly accounted for and remitted the N500 billion, more resources could have been allocated to public goods and social programs. Without recovering and remitting these funds, Nigeria’s economic challenges could intensify, leaving citizens without basic services. Legal frameworks, including the FOI Act, the Nigerian Constitution, the African Charter, and international human rights treaties, guarantee everyone the right to information about the whereabouts of the missing oil revenue.