Dare Babalola
The Socio-Economic Rights and Accountability Project (SERAP) has called on Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money.
The funds were reportedly documented in the 2022 annual report by the Auditor-General of the Federation, which was published on September 9, 2025.
SERAP urged Ojulari “to ensure the full recovery and return of the diverted or misappropriated N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money to the treasury without further delay.”
In a letter dated 25 October 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said, “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended], anticorruption laws, and the country’s international obligations.”
SERAP said, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.
“The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.”
The letter, read in part, “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.
“The diverted or misappropriated 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.”
