The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company Limited (NNPCL) to explain discrepancies in oil revenue flagged by the Auditor-General.
In a letter dated October 25, 2025, SERAP urged NNPCL’s Group CEO, Bayo Ojulari, to provide a full account of over N22 billion, $49 million, £14 million, and €5 million in oil-related transactions.
The flagged figures were contained in the Auditor-General’s 2022 annual report, released on September 9, 2025. The report cited irregular payments, uncompleted projects, and missing documentation.
“These findings raise serious concerns about transparency and accountability in the management of public resources,” SERAP stated.
The group demanded that NNPCL identify those responsible for any unaccounted funds and refer the matter to anti-corruption agencies. It also called for the recovery of misapplied funds and their return to the national treasury.
SERAP warned that unresolved allegations could erode public trust and threaten economic stability. It emphasised that proper oil revenue management is essential for national development.
The organisation noted that despite Nigeria’s oil wealth, citizens continue to face hardship due to poor accountability in the sector.
It urged NNPCL to implement audit recommendations, close financial gaps, and improve oversight on contracts. SERAP gave a seven-day deadline for action or risk legal proceedings.
