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SERAP Gives NNPC 7 Days Ultimatum to Account for ‘Missing $2.04bn, N164bn Oil Revenues’

SERAP Gives NNPC 7 Days Ultimatum to Account for 'Missing $2.04bn, N164bn Oil Revenues'Ararume NNPC Chairman
NNPC Headquarters, Abuja, Nigeria

The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern ultimatum to the Nigerian National Petroleum Company (NNPC) Limited, demanding accountability for alleged missing oil revenues totaling USD$2.04 billion and N164 billion.

This call to action follows the revelations outlined in the latest annual report by the Auditor-General of the Federation.

In a letter dated February 17, 2024, signed by SERAP’s deputy director, Kolawole Oluwadare, the organization urged Mr. Mele Kolo Kyari, Group Chief Executive Officer of NNPC, to promptly address the whereabouts of the missing funds.

SERAP emphasized the necessity for identifying and holding accountable those responsible for the disappearance of the oil revenues, in accordance with financial regulations and recommendations by the Auditor-General.

The letter further stressed the detrimental impact of the missing funds on Nigeria’s economy, contributing to high levels of deficit spending and hindering access to essential public goods and services for citizens.

SERAP underscored the urgency of full recovery and remittance of the missing funds into the Federation Account to mitigate the worsening economic conditions.

Highlighting specific discrepancies, SERAP noted that NNPC reportedly failed to remit N151,121,999,966, deducted from oil royalties assessed for 2020 by the Department of Petroleum Resources (now Nigerian Upstream Petroleum Regulatory Commission).

Additionally, NNPC allegedly withheld USD$19,774,488.15 collected as government revenue, which the Auditor-General urged to be recovered and remitted into the Federation Account.

Moreover, the Nigerian Petroleum Development Company (NPDC) Ltd purportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties from crude oil and gas sales and gas flare.

SERAP echoed the Auditor-General’s call for full recovery of the public funds and for those implicated to be handed over to anti-corruption agencies.

SERAP emphasized that failure by NNPC to comply with their demands within the stipulated timeframe would lead to legal action in the public interest.

The organization reiterated that proper accountability and remittance of the missing funds could have facilitated increased spending on vital economic and social rights for Nigerians.

This ultimatum underscores SERAP’s commitment to transparency and accountability in Nigeria’s public institutions, aiming to safeguard the nation’s resources and ensure equitable distribution for the welfare of its citizens.

This Article is Fact-Checked. See Policy.

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