SERAP Calls on NNPCL to Account for Billions in Oil Revenue

The Socio-Economic Rights and 

Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Bayo Ojulari, to provide a detailed account of oil revenues reportedly flagged by the Auditor-General of the Federation (AGF) in the 2022 annual report.

The report, published on September 9 of 2025, raised questions over the management of multi-billion-naira transactions, including over N22 billion, $49 million, £14 million, and €5 million in oil-related revenue, handled by the national oil company.

In a letter signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation called on Ojulari to ensure transparency by identifying those responsible for any unaccounted funds and forwarding the findings to the appropriate anti-corruption agencies.

The group urged the NNPCL to recover any unremitted or misapplied funds and return them to the national treasury, stressing that proper management of oil revenues was crucial for national development.

According to the organisation, the Auditor-General’s report drew attention to issues such as irregular payments, uncompleted projects, and documentation lapses relating to oil sector transactions.

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