SERAP Demands Accountability from NNPC Over Alleged Missing N164 billion Oil Revenues

NNPCL and Indorama 1

The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern call to Mr. Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, urging him to promptly address and elucidate the whereabouts of purportedly missing oil revenues totaling USD$2.04 billion and N164 billion.

These allegations, as per SERAP, are meticulously documented in the latest annual report recently published by the Auditor-General of the Federation.

In a letter dated February 17, 2024, and signed by SERAP’s deputy director Kolawole Oluwadare, the organization implored Mr. Kyari to not only identify and hold accountable those responsible for the missing funds but also ensure their referral to appropriate anti-corruption agencies, as outlined in paragraph 3112(ii) of the Financial Regulations 2009 and recommended by the Auditor-General.

Furthermore, SERAP urged swift action towards the complete recovery and remittance of the alleged missing sums into the Federation Account without any further delay.

The letter highlights the detrimental impact of these missing oil revenues on Nigeria’s already fragile economy, exacerbating deficit spending and impeding access to essential public services and goods for its citizens.

SERAP underscored the recurring nature of such discrepancies, emphasizing the need for heightened transparency and accountability within the NNPC. Failure to address these issues, SERAP warned, would lead to potential legal action to compel compliance in the public interest.

The organization emphasized that had these funds been properly accounted for and remitted, they could have significantly contributed to addressing economic and social needs, thereby enhancing the welfare of Nigerian citizens.

Moreover, SERAP stressed the imperative of transparency and accountability in managing oil revenues, asserting that such measures are essential for restitution, compensation, and ensuring non-repetition of such misconduct.

Citing the recently published 2020 audited report by the Auditor General of the Federation, SERAP detailed instances where NNPC subsidiaries reportedly failed to remit significant sums, raising serious concerns regarding potential diversion of public funds.

In conclusion, SERAP reiterated the gravity of the allegations, highlighting the violation of public trust, national laws, and international commitments, and called for decisive action to combat corruption in the oil sector, alleviate poverty, and uphold human rights obligations.

The organization urged the NNPC to adhere to constitutional provisions, financial regulations, and international conventions aimed at promoting accountability and proper management of public resources.