SERAP Seeks NNPC’s Clarity on Missing $2.04bn, N164bn Oil Revenues

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Nigerian National Petroleum Company (NNPC) Limited to provide an account and clarification regarding the alleged disappearance of $2.04 billion and N164 billion in oil revenues within seven days.

In a statement dated February 17, 2024, and signed by its deputy director, Mr Kolawole Oluwadare, the rights group urged Mr Mele Kyari, the Group Chief Executive Officer of NNPC Limited, to identify and publicly denounce those accountable for the missing oil funds, as highlighted in the most recent annual report released by the Auditor-General of the Federation.

“The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest,” as part of the group’s statement read in part.

In addition to ensuring the complete retrieval and restoration of the missing $2.04 billion and N164 billion into the federation account, SERAP also implored the NNPC Limited helmsman to deliver those accountable for the diversion of the oil revenue to the relevant anti-corruption authorities.

SERAP argued that the NNPC Limited failed and/or refused to remit N151,121,999,966 which is the money deducted from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

It stated that the state-owned oil company failed to remit $19,774,488.15 collected as government revenue into the Federation Account, adding that it also reportedly failed to account for $2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.