Socio-Economic Rights and Accountability Project (SERAP) has urged Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, to account for and explain the whereabouts of the alleged missing ₦500 billion, which the NNPC reportedly failed to remit to the Federation Account between October 2024 and December 2024, as revealed by the World Bank.
SERAP urged Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution,” while also urging Ojulari to invite the EFCC and ICPC to investigate the spending and whereabouts of the ₦500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.
The World Bank had last week disclosed that out of the ₦1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted ₦600 billion, leaving a deficit of ₦500 billion unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.
In the Freedom of Information request signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said there is a legitimate public interest in explaining the whereabouts of the alleged missing ₦500 billion oil money and grave violations of the Nigerian Constitution 1999 (as amended).