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NNPCL Under Scrutiny Over Missing Billions in Latest Audit Report.
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The group demanded transparency and recovery of all unremitted funds.
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It threatened legal action if NNPCL fails to act within seven days.
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to release a full account of billions in oil revenues flagged by the Auditor-General of the Federation in its 2022 annual report.
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EKO HOT BLOG reports that the report, published on September 9, 2025, revealed questionable transactions involving over ₦22 billion, $49 million, £14 million, and €5 million in oil-related income handled by the national oil company.
In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation demanded full disclosure of those responsible for any unaccounted funds and called for submission of the findings to relevant anti-corruption agencies.
“These findings raise serious concerns about transparency and accountability in the management of public resources,” SERAP stated. The group asked the NNPCL to recover all misapplied or unremitted funds and return them to the national treasury, warning that the integrity of Nigeria’s oil sector and economy was at risk.
According to SERAP, the Auditor-General’s report revealed irregular payments, abandoned projects, and poor documentation across oil sector transactions. It lamented that corruption and weak oversight continue to deny Nigerians the benefits of the country’s vast oil wealth.
“Despite Nigeria’s enormous oil resources, citizens continue to face hardship due to poor accountability and transparency,” the statement added.
SERAP maintained that if properly managed, the flagged funds could be redirected to critical areas such as education, healthcare, and social welfare. The group urged NNPCL to strengthen internal controls and financial oversight mechanisms.
It further warned that legal action would follow if NNPCL failed to act within seven days.
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