SERAP gives NNPCL 7-day ultimatum to account for missing $2.04 billion, N164 billion oil revenues 

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company (NNPC) Limited to provide an account and clarification regarding the alleged disappearance of USD$2.04 billion and N164 billion in oil revenues within a span of seven days.

In a statement dated February 17, 2024, and endorsed by its deputy director, Kolawole Oluwadare, SERAP urged Mr. Mele Kolo Kyari, the Group Chief Executive Officer of NNPCL, to identify and publicly denounce those accountable for the missing oil funds, as highlighted in the most recent annual report released by the Auditor-General of the Federation.

“The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”

“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,” SERAP’s statement read in part.

In addition to ensuring the complete retrieval and restoration of the missing $2.04 billion and N164 billion into the federation account, SERAP also implored the NNPCL boss to deliver those accountable for the diversion of the oil revenue to the relevant anti-corruption authorities.

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According to SERAP’s statement citing the 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion in oil revenues to the federation account.

The AGF expressed concern that these funds might have been diverted for personal gain, depriving the government of essential financial resources for its operations.

Additionally, the AGF’s report for 2020 disclosed that the NNPC failed to remit N151,121,999,966, which it deducted without valid explanation from oil royalties assessed by the Department of Petroleum Resources (DPR), now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Furthermore, the AGF highlighted that the NNPC has not provided a satisfactory account for the missing public funds and also failed to transfer USD$19,774,488.15 in government revenue to the federation account.

Moreover, the AGF’s report revealed that the Nigerian Petroleum Development Company (NPDC) Ltd failed to justify USD$2,021,411,877.47 and N13,313,565,786.49 in royalties collected from crude oil and gas sales, as well as gas flaring.