Is N22.3 Billion, $49.7 Million, £14.3 Million, and €5.2 Million Missing at NNPCL?

…SERAP Insists It Is, And Explains Why

By Franklin Adole

The Socio-Economic Rights and Accountability Project (SERAP) has raised the alarm over what it calls “massive and unexplained financial discrepancies” at the Nigerian National Petroleum Company Limited (NNPCL), insisting that more than N22.3 billion, $49.7 million, £14.3 million, and €5.2 million in oil revenues are unaccounted for.

In a letter dated October 25, 2025, and addressed to NNPCL Group Chief Executive Officer Mr. Bayo Bashir Ojulari, SERAP demanded that the corporation “account for the missing funds and hand over all those responsible for diversion or misappropriation” to the EFCC and ICPC for prosecution. The demand follows revelations contained in the 2022 annual report of the Auditor-General of the Federation, published on September 9, 2025.

According to SERAP’s Deputy Director, Kolawole Oluwadare, the Auditor-General’s findings “suggest a grave breach of public trust, the Nigerian Constitution, and international anti-corruption obligations.” SERAP argued that these alleged diversions have deepened poverty, stunted development, and robbed Nigerians of essential public services.

“The Auditor-General has, year after year, documented disappearing oil money from NNPCL. Nigerians continue to suffer while billions meant for their welfare vanish without trace,” the statement read.

The rights group called on NNPCL to recover and remit all diverted or misappropriated funds to the treasury within seven days, warning that it would take legal action if the company failed to comply.

The 2022 audit report paints a damning picture of financial recklessness, weak accountability, and questionable spending within the NNPCL. Among the most disturbing findings are:

•NNPCL reportedly spent over N292 million on an uncompleted accident and emergency facility along Abuja Airport Road, where the contractor allegedly abandoned the job after full payment.

•£14.3 million was allegedly spent on “repairs” at the NNPCL London office without any documentation to prove the expenditure.

•In another instance, NNPCL paid $22.8 million to a contractor for lifting nine crude oil cargoes, while the company’s own records for the same period reflected receipts of only $4.8 million — a discrepancy of nearly $18 million.

•The company also disbursed N2.3 billion as “car cash option” to 100 staff without approval from the National Salaries, Incomes and Wages Commission or documentation to justify the payments.

•Statutory taxes amounting to over N247 million and $529,000 were allegedly not deducted from contractors and service providers.

•Another N3.4 billion was paid for “various services” with no traceable documentation.

•A $1.8 million contract for charter hire of a coastal vessel was renewed and paid before any formal agreement was ratified.

•€5.2 million was paid for the operation and maintenance of the Atlas Cove Jetty Facility, again without supporting documents.

•Several other questionable payments included $8.2 million for unverified installation of custody transfer meters, $12.4 million for unexecuted diesel generator projects at Mosimi Depot, and N246 million for steel pipes never supplied to Warri Refinery.

The Auditor-General also flagged N12.7 billion in unremitted operating surplus for December 2020, warning that the funds “may have been diverted.”

SERAP said these findings highlight a systemic culture of impunity within the state-owned oil company, despite its transition to a limited liability corporation.

“The diverted oil revenues are a direct result of NNPCL’s persistent refusal to embrace transparency,” the group said. “This failure has worsened Nigeria’s debt profile, fueled deficit spending, and deprived millions of Nigerians of access to education, healthcare, and other social rights.”

SERAP emphasized that the Nigerian Constitution, particularly Section 15(5), mandates public institutions to abolish corrupt practices and abuse of power. The group insisted that the NNPCL must lead by example as a state-owned enterprise handling the country’s most vital economic resource.

“Despite Nigeria’s vast oil wealth, citizens have gained very little because of entrenched corruption in the petroleum sector. This must change,” SERAP declared.

Unless NNPCL acts swiftly to explain and recover the missing billions, SERAP said it would pursue legal measures “to compel accountability and ensure that the looted funds are returned to the treasury.”