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The Socio-Economic and Accountability Project (SERAP) has urged Bayo Bashir Ojulari, Chief Executive Officer of Group from the Nigeria National Petroleum Company (NNPCL) to take into account and explain the existence of the lost N500 billion, revealed by NNPCL.
SERAP Urges Ojulari “To identify those suspected of being involved, collecting them for the full amount involved, and submit it to independent corruption practices and other related violation commissions (ICPC) and the Economic and Financial Crime Commission (EFCC) for investigation and prosecution.”
Absorbing also urged Mr. Ojulari “to invite EFCC and ICPC to investigate expenditure and the existence of N500 billion, and to ensure full recovery and send money to a federation account without further delay.
The World Bank last week revealed that from the revenue of N1.1Trn from raw sales and other income in 2024, NNPCL only sent the N600BN, leaving the countless N500BN deficit. The International Monetary Fund (IMF) has also recently called for the deletion of subsidies to be transferred to the national budget.
In a request for freedom of information dated May 17, 2025 and signed by Deputy Director of Collawole Oluwadaree, the organization said: “There is a legal public interest in explaining the existence of alleged N500 billion oil money and serious violations from the 1999 1999 Nigerian Constitution [as amended]'”
Absorption said, “State oil wealth must be used solely for the interests of the people of Nigeria, and for the current and future generation.”
According to Serap, “Nigeria has the right to find out why NNPCL fails to send savings on the elimination of subsidies to the federation account, and why NNPCL deliberately denies the state and local government their allocation from the account, contrary to the provisions of the Nigerian constitution 1999 1999 1999 [as amended]”
Also read: Absorption Urges New NNPC CEOs, Ojulari, to invite EFCC, ICPC to investigate the missing N500BN
The letter was read in part: “Nigeria continues to bear the burden of this lost public fund from NNPCL which is intended for the country’s economic development.
“We will be grateful if the recommended steps are taken within 7 days of receipt and/or the publication of this letter. If we have not heard from you at that time, absorbing will consider appropriate legal actions to force NNPCL to comply with our requests for the public interest.
“Lost oil income reflects the failure of NNPCL accountability more generally and directly related to the continuous failure of the institution to enforce the principles of transparency and accountability.”
“The absorption records that the Supreme Court in the new innovative decision stated that the law of freedom of information ‘applies and applies to public records in the federation’, including those stored by NNPCL.”
“Clearly absorbed that the auditors of the Nigerian extractive industrial transparency and transparency initiative for years have documented the report of the loss of oil money from NNPCL.
“Allegations have damaged the country’s economic development, trapping the majority of Nigerians in poverty and depriving their opportunities.
“The failure by NNPCL to send money to a federation account is a major violation of public trust and the provisions of the Nigerian Constitution, the National Anti -Corruption Law, and the State’s obligations under the UN Convention on Corruption.”
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