SERAP ASKS NNPCL TO ACCOUNT FOR N500BN NOT REMITTED TO FEDERATION ACCOUNT.

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPCL), Bayo Ojulari, to account for the missing N500 billion that the company failed to remit to the Federation Account.

This followed a report from the World Bank claiming that the NNPCL only remitted N600 billion out of N1.1 trillion revenue from crude sales and other incomes.

SERAP, in a Freedom of Information request signed by its deputy director, Kolawole Oluwadare, called on Ojulari to identify those suspected to be involved, invite the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to investigate the spending and whereabouts of the missing funds. 

The organization emphasized the need for transparency and accountability in the management of Nigeria's oil wealth.

Describing the missing funds as a grave violation of the Nigerian Constitution and emphasizing that Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, SERAP called for the full recovery and remittance of the money to the Federation Account without further delay.