World Bank: Account for missing N500bn, SERAP tells NNPCL

The Socio-Economic Rights and Accountability Project (SERAP) has urged MrBayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPCL) “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.”

SERAP urged MrOjulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”

It also urged MrOjulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.”

SPONSOR AD

The World Bank had last week disclosed that out of the N1.1trn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.

The NNPCL is yet to make a public statement on the discovery by the World Bank.

However, in the Freedom of Information request dated May 17,  2025 signed by SERAP’s deputy director, KolawoleOluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended].’”

SERAP said, “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.

“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the account, contrary to the provisions of the Nigerian Constitution 1999 [as amended].”

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}