SERAP Calls for Accountability Over Missing N825bn and $2.5bn in NNPCL’s Refinery Funds
The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Nigerian National Petroleum Corporation Limited (NNPCL) urgently explain the whereabouts of over N825 billion and $2.5 billion allocated for refinery rehabilitation and other oil revenues. These funds, highlighted in the 2021 annual report by the Auditor-General of the Federation, were reportedly unaccounted for, raising serious concerns about potential corruption and mismanagement.
In a letter addressed to the Group Chief Executive Officer of NNPCL, Mele Kyari, SERAP urged immediate action to identify those responsible for the missing funds and hand them over to relevant anti-corruption bodies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
The 2021 Auditor-General’s report, published on November 27, 2024, paints a grim picture of financial mismanagement. According to the report, NNPCL failed to account for a staggering N825 billion and $2.5 billion intended for the rehabilitation of the country’s refineries, including the Port Harcourt and Warri refineries, as well as other oil-related revenues. The report raises fears that the money may have been diverted or stolen, undermining the nation’s economic development and contributing to widespread poverty among Nigerians.
SERAP’s letter, dated January 4, 2025, not only calls for accountability but also supports NNPCL’s invitation to former President Olusegun Obasanjo to inspect the refineries. SERAP commended the initiative, noting that such transparency efforts should include a formal invitation to the EFCC and ICPC to oversee the refineries’ operations and any related financial expenditures. The letter stressed that no one, not even former leaders, is above scrutiny when it comes to safeguarding public funds.
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The 2021 Auditor-General’s report also revealed other alarming financial discrepancies. Among the findings were unaccounted funds from crude oil sales, outstanding debts from oil marketers, and unexplained deductions from oil royalties, which were deemed to have hindered the country’s budget funding. SERAP emphasized that these failures to account for public funds violate the Nigerian Constitution’s mandate for public institutions to eliminate corruption and abuse of power.
SERAP concluded by urging NNPCL to act within seven days of receiving or publishing the letter. If no response is forthcoming, the organization warned it would pursue legal action to compel compliance in the interest of public accountability.
