The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to address allegations regarding the disappearance of over N825 billion and $2.5 billion earmarked for refinery rehabilitation and oil revenues.
This demand follows findings from the 2021 annual report by the Auditor-General of the Federation, which highlighted severe financial discrepancies within NNPCL.
In a letter dated January 4, 2025, SERAP urged Kyari to “account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for refinery rehabilitation and other oil revenues,” referencing the Auditor-General’s report.
A November 2024 audit by SERAP revealed several unaccounted-for funds, including N825 billion allegedly deducted from crude oil sales between 2020 and 2021 for refinery repairs. The report also detailed:
– Over N343 billion deducted for pipeline maintenance.
– N83.66 billion withdrawn from a sinking fund account.
– More than N204 billion in unexplained deductions from oil royalties in 2021.
SERAP’s Deputy Director, Kolawole Oluwadare, stated, “The ongoing mismanagement of public funds has undermined Nigeria’s economic development, trapped the majority of Nigerians in poverty, and deprived them of opportunities.”
SERAP has requested that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) investigate these allegations.
The organisation also called for increased transparency in NNPCL’s operations. “We urge you to formally invite former President Olusegun Obasanjo to tour Nigeria’s refineries and extend this invitation to the EFCC and ICPC to monitor refinery operations,” SERAP stated.
PUNCH Online reported that former President Olusegun Obasanjo rejected Kyari’s public invitation to tour Nigeria’s refineries, describing it as disrespectful.
SERAP maintained that involving anti-corruption agencies in monitoring refinery activities aligns with Nigeria’s Constitution and international anti-corruption.
In its letter, SERAP warned, “If we have not heard from you within seven days of receipt and/or publication of this letter, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.”
Copies of the letter were sent to President Bola Tinubu, Chief of Staff Femi Gbajabiamila, Attorney General Lateef Fagbemi, and the Chairpersons of the Public Accounts Committees of the Senate and House of Representatives, among others.
SERAP’s insistence on accountability underscores the critical need for transparency in Nigeria’s petroleum sector and the proper management of public funds to drive economic growth and alleviate poverty.SE
