SERAP Demands NNPCL CEO Bayo Ojulari Account for Missing N22.3bn, $49.7m, £14.3m, and €5.2m Oil Funds

…Gives 7-day ultimatum, urges EFCC and ICPC to prosecute those responsible

The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Bayo Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to explain and account for the alleged missing oil revenues amounting to ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.

The funds were flagged in the 2022 Annual Report recently published by the Auditor-General of the Federation on September 9, 2025.

In a formal letter dated October 25, 2025, signed by Kolawole Oluwadare, SERAP’s Deputy Director, the organization urged Ojulari to identify those responsible for the alleged diversion or misappropriation and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution.

SERAP also demanded the immediate recovery and remittance of the allegedly diverted funds into the national treasury.

SERAP Raises Concern Over “Grave Violation of Public Trust”

According to the organization, the revelations by the Auditor-General represent a serious breach of public trust, the Nigerian Constitution (1999, as amended), anti-corruption laws, and Nigeria’s international transparency commitments.

“These grim allegations have undermined public confidence, worsened poverty, and deprived millions of Nigerians of vital social services,” the letter read.

SERAP noted that similar cases of unaccounted oil funds have been repeatedly documented in past audit reports, yet with little to no accountability from the NNPCL.

Oil Wealth, Corruption, and the Nigerian People

SERAP expressed concern that despite Nigeria’s vast oil resources, ordinary citizens have reaped minimal benefits because of “grand corruption and impunity” within the oil sector.

“The diverted or misappropriated oil revenues highlight NNPCL’s ongoing failure to uphold transparency and accountability,” the organization said.

“These funds could have provided better access to education, healthcare, and infrastructure while reducing the government’s dependence on borrowing and deficit financing.”

The organization further stated that the mismanagement of oil revenues has worsened Nigeria’s economic instability and trapped millions in poverty.

SERAP’s 7-Day Ultimatum to NNPCL

SERAP has given NNPCL a seven-day deadline to comply with its demands and take visible action toward accountability.

Background

The Auditor-General’s 2022 report allegedly uncovered several financial discrepancies within NNPCL’s accounts, including unremitted oil revenues and unauthorized expenditures. SERAP insists that the failure to act on such findings perpetuates corruption, weakens governance, and denies citizens the benefits of Nigeria’s natural wealth.

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📸 Bayo Bashir Ojulari, GCEO of NNPCL — under pressure from SERAP to account for over ₦22.3 billion and multi-currency oil funds allegedly unremitted, as revealed by the Auditor-General’s 2022 report.