Lagos, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to account for N825 billion and $2.5 billion earmarked for refinery rehabilitation and other oil revenues.
The demand follows findings in the 2021 report by the Auditor-General of the Federation, which highlighted significant concerns regarding the management of public funds within the NNPCL. SERAP’s own audit, released on November 27, 2024, further revealed discrepancies involving missing funds.
Among the irregularities cited is the alleged deduction of N825 billion from crude oil sales between 2020 and 2021 for refinery repairs. The Auditor-General’s office suggested the possibility of fund diversion and called for a thorough investigation to recover the missing money.
In a letter dated January 4, 2025, SERAP urged Kyari to account for the missing funds, referencing the Auditor-General’s report. According to Kolawole Oluwadare, SERAP’s Deputy Director, the mismanagement of public resources has stifled Nigeria’s economic progress, entrenched poverty, and deprived citizens of opportunities.
“We call on you to account for the N825 billion and $2.5 billion meant for refinery rehabilitation and other oil revenues,” Oluwadare stated, urging Kyari to invite anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), for a comprehensive investigation.
Obasanjo Rejects Refinery Tour Invitation
In response to public concerns about refinery operations, Kyari had invited former President Olusegun Obasanjo to tour the refineries. However, Obasanjo rejected the invitation, describing it as “disrespectful,” according to a reports by newsmen.
SERAP welcomed the idea of a tour but insisted that the EFCC and ICPC be involved to ensure transparency and accountability in refinery operations.
Allegations of Financial Mismanagement
The SERAP letter highlighted additional financial irregularities, including:
- Over N343 billion deducted from crude oil sales for pipeline maintenance.
- N83.66 billion withdrawn from a sinking fund account.
- N204 billion in unexplained deductions from oil royalties in 2021.
Other discrepancies were noted in bridging allowances, royalties, and revenues, with the Auditor-General recommending that the funds be recovered and returned to the Federation Account.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter,” SERAP warned. “If we do not hear from you by then, we shall consider legal actions to compel compliance in the public interest.”
The letter was also sent to key government officials, including President Bola Tinubu, Chief of Staff Femi Gbajabiamila, Attorney General Lateef Fagbemi, ICPC Chairman Musa Aliyu, EFCC Chairman Olanipekun Olukoyede, and the heads of the Public Accounts Committees of the Senate and House of Representatives.
SERAP’s demands for transparency and accountability come amid growing public concern over the management of Nigeria’s oil revenues and the impact of financial mismanagement on the country’s economy.
Join our Channel...