The Socio-Economic Rights and Accountability Project (SERAP) has called on Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), to explain the whereabouts of over ₦825 billion and $2.5 billion allegedly unaccounted for, according to the Auditor-General’s 2021 report released on November 27, 2024.
SERAP urged Mr. Kyari to identify and hand over those suspected of involvement in the mismanagement or diversion of the funds to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
The missing funds, reportedly deducted from crude oil sales, royalties, and pipeline maintenance costs, were earmarked for refinery rehabilitation and other vital projects. According to SERAP, these discrepancies have contributed to national economic challenges, including poverty and budgetary constraints.
In a letter dated January 4, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization also supported Mr. Kyari’s recent public invitation to former President Olusegun Obasanjo to inspect the Warri and Port Harcourt refineries. SERAP suggested extending the invitation to the ICPC and EFCC to enhance transparency.
The letter stressed that the missing funds represent a violation of public trust and undermine Nigeria’s constitutional mandate to combat corruption. It further warned that SERAP would initiate legal actions if the NNPCL fails to take concrete steps within seven days to recover the funds and ensure accountability.
The Auditor-General’s report highlighted significant unaccounted amounts, including ₦83 billion from joint venture operations, ₦204 billion in oil royalty deductions, and over $2 billion in unpaid royalties from oil companies. The report also noted that these losses may have contributed to difficulties in funding the 2021 budget.
SERAP’s demands aim to address the growing concerns over the mismanagement of Nigeria’s oil revenue and the lack of transparency in public spending.
