The Socio-Economic Rights and Accountability Project (SERAP) has demanded an explanation from Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), regarding the disappearance of over N825 billion and $2.5 billion earmarked for refinery rehabilitation and oil revenues.
This call follows concerns raised in the 2021 annual report by the Auditor-General of the Federation, which flagged serious issues with the management of public funds within the NNPCL.
A recent audit published by SERAP on November 27, 2024, revealed numerous financial discrepancies, including the unexplained deduction of N825 billion from crude oil sales between 2020 and 2021, purportedly for refinery repairs.
The Auditor-General’s office has suggested that these funds may have been misappropriated, prompting a call for a thorough investigation and recovery. In a letter dated January 4, 2025, SERAP urged Kyari to account for the missing funds and clarify their whereabouts.
Kolawole Oluwadare, SERAP’s Deputy Director, emphasized in a press release titled “Account for Missing N825bn, $2.5bn for Refinery Repairs and Others: Invite EFCC, ICPC” that the ongoing mismanagement of public resources has hindered Nigeria’s economic development, deepened poverty, and deprived citizens of opportunities.
SERAP has demanded greater transparency and called for the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate and, if necessary, prosecute those responsible for the alleged financial mismanagement.
While SERAP acknowledged Kyari’s public invitation to former President Olusegun Obasanjo to visit Nigeria’s refineries, it emphasized the importance of including the EFCC and ICPC to ensure transparency in refinery operations. The letter stressed that such actions would align with Nigeria’s Constitution and international anti-corruption commitments.
However, Punch reported that Obasanjo declined the invitation, calling it disrespectful.
The letter also highlighted other financial irregularities, including the deduction of over N343 billion from crude oil sales for pipeline maintenance, the withdrawal of N83.66 billion from a sinking fund account, and more than N204 billion in unexplained oil royalty deductions in 2021.
Additionally, the Auditor-General’s report pointed to discrepancies in outstanding bridging allowances, royalties, and revenues, all of which SERAP insists should be recovered and deposited into the Federation Account.
SERAP’s letter concluded with a demand for action within seven days of the letter’s receipt or publication, warning that failure to respond would compel legal action to ensure NNPCL’s compliance with the public interest.
A copy of the letter, obtained by The Telegraph on Sunday, was also sent to key officials, including President Bola Tinubu; Chief of Staff Femi Gbajabiamila; Attorney General Lateef Fagbemi; ICPC Chairman Musa Aliyu; EFCC Chairman Olanipekun Olukoyede; and the Chairpersons of the Public Accounts Committees of both the Senate and the House of Representatives.
