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 account for N500 billion in oil revenue allegedly unremitted to the Federation Account between October and December 2024.
In a letter dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation referenced recent findings by the World Bank, which revealed that of the N1.1 trillion earned from crude oil sales and other sources in 2024, only N600 billion was remitted by the NNPCL.
“The World Bank’s disclosure raises serious concerns over transparency and accountability within the NNPCL,” SERAP stated in the letter. “SERAP is writing to request you to use your good offices and leadership position to promptly account for and explain the whereabouts of the missing N500 billion.”
The rights group is demanding full disclosure of the status of the unremitted funds and the immediate recovery of the shortfall. SERAP also urged Mr. Ojulari to identify those responsible and surcharge them accordingly.
“Those responsible for the disappearance of public funds should be handed over to appropriate anti-corruption agencies for investigation and prosecution,” the letter added.
SERAP warned that it would take legal action if the NNPCL failed to comply within seven days.
The Nigerian government and anti-graft agencies are yet to respond to the allegations as of press time.