Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Mele Kolo Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, to account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for refinery rehabilitation and other oil revenues, as documented in the 2021 annual report by the Auditor-General of the Federation.
SERAP said the annual report was published on Thursday, 27 November 2024.
SERAP urged Mr. Kyari to identify those suspected to be responsible for the disappeared oil money and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
SERAP also urged him to formally invite former president Olusegun Obasanjo to tour Nigeria’s refineries and to extend his invitation to the EFCC and ICPC to monitor the operations of the refineries and any spending on them, including the Port Harcourt and Warri refineries.
In the letter dated 4 January 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “We welcome your timely public invitation to former president Obasanjo to tour the Port Harcourt and Warri refineries.”
SERAP said, “While your invitation is clearly not disrespectful, contrary to the claims by the former president because no one is above the law, we urge you to formally invite him and to extend your invitation to the EFCC and ICPC for the sake of transparency and accountability.”
SERAP also said: “Your public invitation to Obasanjo is well-justified and entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended] and the country’s international obligations on the obligations of the NNPCL and the roles of citizens in preventing and combating grand corruption.” The letter read in part: “The grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s international obligations.”
“The allegations have also undermined economic development in the country, trapped the majority of Nigerians in poverty, and deprived them of opportunities.” SERAP said, “We would be grateful if the recommended measures are taken within seven 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.”
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According to the recently published 2021 audited report by the Auditor General of the Federation, the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N825 billion and $2.5 billion of public funds meant for refinery rehabilitation and repairs and other oil revenues. The Auditor-General fears the money may be missing.
The NNPCL reportedly failed to account for funds meant for refinery rehabilitation and repairs deducted from the sale of crude oil and gas between 2020 and 2021. The Auditor-General recommended recovering the funds and remitting them to the Federation Account, ensuring that amounts due for the Federation Account are not subjected to any deductions before remittance.
SERAP emphasized the need for the NNPCL to ensure transparency in its operations and to collaborate with anti-corruption agencies to address these discrepancies effectively.
