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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 Bashir Ojulari, to account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money. The funds were reportedly documented in the 2022 annual report by the Auditor-General of the Federation, which was published on September 9, 2025. In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation urged Mr Ojulari to identify those responsible for the diverted or misappropriated oil money and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution. SERAP also demanded that the NNPCL ensure the full recovery and return of the diverted or misappropriated funds to the treasury without further delay. The organisation emphasised that the alleged missing funds could have been used to provide essential public services for Nigerians. The Auditor-General’s report revealed several instances of financial irregularities and mismanagement within the NNPCL, including unremitted funds, undocumented payments, and fictitious contracts. Some of the notable cases include the payment of over N292 million for a contract to construct an Accident and Emergency Facility in Abuja, which was allegedly abandoned by the contractor. Other cases include the NNPCL’s expenditure of over £14 million to repair its London office without any evidence of spending, and the irregular payment of over $22 million to a contractor for lifting crude oil. The Auditor-General also noted that the NNPCL failed to deduct statutory taxes from payments made to contractors and service providers, resulting in the loss of millions of naira. SERAP emphasised that the alleged corruption and mismanagement of oil revenues reflect a failure of NNPCL accountability and have contributed to the country’s economic woes. The organisation urged the NNPCL to take immediate action to address these issues and ensure transparency and accountability in its operations. ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
