The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, to account for the alleged N500 billion shortfall in remittances to the Federation Account between October and December 2024, as revealed by the World Bank.

 

In a Freedom of Information request dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization urged the NNPCL to disclose the whereabouts of the missing funds, identify those responsible, recover the full amount, and hand over the suspects to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.

 

SERAP also pressed Mr. Ojulari to invite both anti-graft agencies to probe the handling of the N500 billion, insisting that the money be fully recovered and promptly remitted to the Federation Account.

 

According to the World Bank, of the N1.1 trillion generated from crude oil sales and related revenue in 2024, only N600 billion was remitted by the NNPCL, leaving a N500 billion gap. The International Monetary Fund (IMF) has also advised that savings from fuel subsidy removal be fully transferred to the national budget.

 

The NNPCL has yet to issue a public response to the World Bank’s disclosure.

 

SERAP emphasized that the missing funds represent a grave violation of the Nigerian Constitution, stating that the nation’s oil revenues must be managed transparently and used exclusively for the benefit of the Nigerian people—both present and future generations.

 

“It is in the public interest to clarify the whereabouts of the missing N500 billion and to explain why NNPCL has failed to remit subsidy savings to the Federation Account. This denial of revenue to states and local governments violates constitutional provisions,” the group stated.