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NNPCL Given Seven Days To Account For ‘Missing $2.04 Billion, N164 Billion Oil Revenues’

Published

10 months ago

Feb 18, 2024.

EKO HOT BLOG reports that the Nigerian National Petroleum Company Limited (NNPCL) has been given a seven-day ultimatum by the Socio-Economic Rights and Accountability Project (SERAP) to account for alleged missing oil revenues totaling USD$2.04 billion and N164 billion, as documented in the latest annual report by the Auditor-General of the Federation.

In a letter dated 17 February 2024, SERAP urged Mele Kolo Kyari, Group Chief Executive Officer of NNPC Limited, to promptly address the whereabouts of the missing funds, which have been a subject of concern regarding transparency and accountability.

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According to SERAP, failure to account for these substantial amounts of money has exacerbated the economic challenges facing Nigeria, leading to increased deficit spending and a lack of access to essential public goods and services for its citizens.

The organization emphasized the necessity for the NNPC to identify those responsible for the disappearance of the funds, impose appropriate sanctions, and ensure the full recovery and remittance of the missing revenues into the Federation Account without delay.

SERAP’s Deputy Director, Kolawole Oluwadare, highlighted the detrimental impact of the missing oil revenues on the country’s economy and the rights of its citizens. Oluwadare stressed that the NNPC’s failure to uphold transparency and accountability principles reflects a broader accountability issue within the institution.

NNPCL

The Auditor-General’s report revealed significant discrepancies in the remittance of oil revenues, including deductions made by NNPC from oil royalties assessed for 2020 and unremitted government revenue, raising concerns about potential mismanagement and diversion of public funds.

Furthermore, the report indicated that the Nigerian Petroleum Development Company Ltd (NPDC) failed to account for substantial royalties collected from crude oil and gas sales, exacerbating suspicions of financial impropriety within the oil sector.

SERAP underscored the gravity of the allegations, stating that they represent a serious breach of public trust and constitutional obligations, as well as Nigeria’s commitments under international anti-corruption conventions.

The organization warned of potential legal action should the NNPC fail to comply with its demands within the stipulated timeframe, emphasizing the imperative of transparency, accountability, and the rule of law in managing public resources.

The missing oil revenues, if accounted for and properly managed, could significantly contribute to addressing Nigeria’s economic challenges, enhancing public welfare, and combating systemic corruption that has long plagued the nation’s development efforts.