The Socio-Economic Rights and Accountability Project, SERAP, has asked the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, to immediately account for and explain the whereabouts of the five hundred billion naira oil revenue the company allegedly failed to remit to the Federation Account between October and December 2024.
In a letter dated May 17, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP cited recent revelations by the World Bank, which showed that out of one point one trillion naira earned from crude oil sales and other income in 2024, only six hundred billion was remitted by the NNPCL, leaving a staggering five hundred billion naira unaccounted for.
The organisation demanded full disclosure and recovery of the missing funds, and has threatened legal action should the company fail to act within seven days.
