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The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Godswill Akpabio to “direct the Senate Public Accounts Committee to publish the names and titles of all officials involved in the alleged disappearance or non-discovery of ₦200 trillion of the Nigerian National Petroleum Company Limited (NNPCL), irrespective of their social or political status.”
SERAP urged him to “direct the Committee to widely disclose details of ongoing investigations, including audit reports, financial records, and official communications relied upon by the Committee, as well as timelines for when the officials involved must appear before it and to conclude the investigation.”
SERAP also urged him to “direct the Public Accounts Committee to widely publish the full record of the proceedings, including minutes, submissions and evidence presented, to ensure transparency and enable the Nigerian public to independently scrutinize the evidence and the proceedings.”
The Public Accounts Committee is investigating allegations that around ₦200 trillion went missing from NNPCL accounts between 2017 and 2023. The committee has raised concerns over unreconciled figures and lack of supporting documentation, but several officials failed to appear or provide satisfactory explanations.
In a letter dated March 21, 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “Full disclosure of ongoing investigations is essential to ensure transparency and accountability, prevent political interference, and enable Nigerians to independently research the facts and investigations.”
SERAP said, “Allegations that ₦200 trillion is missing or unaccounted for, whether completely accurate or partially exaggerated, can only be taken seriously by Nigerians if the Senate is fully transparent in its ongoing investigation into the credibility, plausibility and accuracy of such claims.”
According to SERAP, “Transparency regarding ongoing investigations will prevent any perception of a cover-up or political compromise, and ensure the facts are revealed clearly.”
The letter reads in part: “Providing complete and verifiable information will enable the public and regulatory agencies to objectively assess the situation and determine the truth regarding the allegations.”
“The magnitude of this number, combined with the NNPCL’s history of opaque practices, underscores the importance of a thorough, impartial and transparent investigation.”
“Allowing these allegations to be ignored, postponed, or politicized risks normalizing impunity and diminishing the public’s right to know how national wealth is managed.”
“There is a legitimate public interest in ensuring that all gaps are fully examined and that those responsible are identified and held to account, as part of broader efforts to strengthen governance and protect the country’s economic future.”
“We would be grateful if the recommended actions are taken within 7 days of receipt and/or publication of this letter. If we have not heard from you by that time, SERAP will take all necessary legal action to compel you and the Senate to comply with our requests in the public interest.”
“The ongoing investigation by the Public Accounts Committee into the alleged disappearance of ₦200 trillion from the NNPCL has dragged on for a long period of time, with repeated delays in the appearance of officials and slow progress in reconciling the disputed figures.”
“Delays such as these undermine public confidence in the investigative process and create the risk of important evidence being lost or distorted.”
“It is critical for the Committee to quickly complete its investigation in a timely and transparent manner, with clear timelines for the appearance of those involved and the publication of its findings, so that accountability can be achieved and the Nigerian public can fully understand the results.
“NPCL has long operated with significant opacity in its financial and operational activities, which has repeatedly limited public oversight and created fertile ground for corruption, mismanagement, or misreporting.”
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“Given NNPCL’s critical role in managing Nigeria’s primary source of revenue, the company must take full responsibility for all funds it manages.”
“Transparency in NNPCL operations is a matter of public interest and public trust. Failure to ensure accountability regarding these allegations undermines confidence in the management of state resources and increases the risk of unchecked financial impropriety.”
“Given the enormity of the figures involved and the importance of the NNPCL to the public, there are increasing calls for full disclosure of all relevant records, evidence and explanations to enable independent oversight by the Nigerian public.”
“Public institutions like the Senate, which exercise oversight over national resources, must do so in a manner that is transparent, accountable, and open to public scrutiny.”
“The proactive disclosure of audit reports, financial records and official communications relied upon by the Committee will enable Nigerians to independently assess the credibility of the allegations and the integrity of the investigative process.”
“Publishing the names and designations of all officials and entities under investigation, regardless of their status or influence, is critical to strengthening the principle of equality before the law and preventing the perception of selective accountability.”
“Transparency in this matter will help build public confidence that this investigation was not shaped by political considerations or undue influence.”
“Similarly, providing complete records and transcripts of Committee hearing proceedings—including minutes, submissions, and exhibits—will ensure that those proceedings are subject to public scrutiny and reduce the risk of misrepresentation, concealment of facts, or post hoc changes to the record.”
“Disclosure of the terms of reference, scope and methodology of the investigation will also clarify the parameters within which the Committee operates.”
“Without this information, it is difficult for the public to determine whether the investigation is comprehensive, impartial, and capable of addressing the issues raised in the audit findings.”
“A clear schedule for the appearance of individuals under investigation and completion of the investigation, would also increase efficiency, prevent undue delays, and signal a genuine commitment to resolving this matter in a credible manner.”
“Publication of the requested information will serve as a safeguard against potential concealment or political compromise and will help ensure that the results of the investigation reflect the truth of the matter.”
“By directing the Public Accounts Committee to act in accordance with these principles, Senate leadership will take a bold step toward strengthening accountability, restoring public trust, and upholding the rule of law.”
“Article 15(5) of the 1999 Nigerian Constitution [as amended] requires public institutions, including the Senate, to eliminate all corrupt practices and abuse of power.”
“Article 85(5) authorizes the National Assembly, through its committees, to summon any person or authority to provide information, documents or explanations necessary for legislative oversight, including compelling attendance at public hearings to ensure accountability, transparency and proper oversight of public institutions.”
“Articles 5 and 9 of the UN Convention against Corruption require the Senate to ensure transparency and proper management of public funds.”
“Article 21 of the African Charter on Human and Peoples’ Rights recognizes the right of peoples to freely manage their natural resources and provides that the misappropriation of such resources gives rise to rights of redress and compensation.”
“According to our information, the ongoing investigation by the Senate Public Accounts Committee was prompted by the findings of an audit covering the period 2017 to 2023, which highlighted approximately ₦210 trillion of entries in NNPCL accounts that lawmakers said were not properly reconciled or explained.”
“The committee’s review focused on two broad categories: approximately ₦103 trillion recorded as joint venture costs and operating expenses, and approximately ₦107 trillion classified as receivables, subsidies and other financial liabilities.”
“The Committee expressed concern that the figures, as presented in the audit report, lacked sufficient supporting documentation and clarity, thereby raising questions about the accuracy and completeness of NNPCL’s financial records.”
“In response, the Public Accounts Committee subpoenaed current and former NNPCL officials to provide explanations and supporting evidence regarding the disputed figures. Lawmakers described some of the company’s filings as inconsistent or unsatisfactory and indicated the need for further scrutiny.”
“The process is still ongoing, with the committee working to reconcile the accounts, determine whether the differences stem from accounting complexities or reporting errors, and determine whether any financial discrepancies have occurred.”
“Despite repeated invitations and ultimatums issued by the committee, the NNPCL and several officials identified in the audit inquiries reportedly failed to appear before the panel or provide a comprehensive explanation to address the concerns raised.”
“This non-compliance has increased tensions between the legislature and the NNPCL, and has raised unresolved concerns and issues regarding transparency and accountability in the management of the nation’s natural wealth and resources.”
