NEWS
NNPC Given 7 Days To Account For ‘Missing’ Oil Revenues
The Socio-Economic Rights and Accountability Project (SERAP) has Issue an Urgent Call for the NNPC Ltd, CEO, Mele Kyari to account for alleged missing $2.04 Billion and N164 Billion in oil revenues.
The demand follows revelations in the Auditor-General of the Federation’s latest annual report, as detailed in a statement by the SERAP’s Deputy Director, Kolawole Oluwadare on February 17.
The SERAP urged Mr. Kyari to publicly identify and hold accountable those responsible for the missing oil funds.
The group advocates for imposing full surcharges on the implicated individuals and turning them over to relevant anticorruption agencies, in accordance with paragraph 3112(ii) of the Financial Regulations 2009, as endorsed by the Auditor-General’s recommendations.
The SERAP additionally implored the NNPC Limited boss to expedite the complete recovery and remittance of the alleged missing USD$2.04 billion and N164 billion into the Federation Account.
The organization highlighted the adverse impact of these missing oil revenues on the country’s fragile economy, accentuating the already elevated levels of deficit spending by the government.
The SERAP emphasized that without the complete recovery and remittance of the alleged missing USD$2.04 billion and N164 billion in oil revenues, the economic challenges could exacerbate.
The group warned that this situation may result in continued denial of access to essential public goods and services for Nigerians.
According to the SERAP, “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.
“We would be grateful if the recommended measures are taken within 7 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.
“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.
“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.
“Explaining the whereabouts of the missing public funds, naming and shaming those suspected to be responsible and ensuring that suspected perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
“Nigerians have the right to know the whereabouts of the disappeared oil money. Ensuring transparency and accountability in the management of oil revenues would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion oil revenues into the Federation Account.”
“The Auditor-General fears that the money may have been diverted into private pockets, denying the government the funding needed to carry out its activities.”
“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.
“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.
“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.
“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.
“These grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
“The allegations have undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
“SERAP is concerned that despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.
“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.
“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.
“Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources.
“Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected.” it added
The Commissioner of Police, Federal Capital Territory (FCT) Command, CP Ahmed Muhammad Sanusi, has inspected security deployments at churches across the territory, urging officers to maintain professionalism and vigilance during religious activities.
The inspection was disclosed in a statement issued on Sunday by the FCT Police Public Relations Officer, SP Josephine Adeh.
Sanusi conducted the inspection on November 8, 2026, to assess the operational readiness of personnel deployed to worship centres and evaluate security arrangements for residents and worshippers.
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The exercise followed a similar inspection of mosques across the FCT on Friday, November 6, as the Command sustained efforts to strengthen security around religious centres.
During the visits, the police commissioner charged officers to remain professional and responsive in the discharge of their duties.
He also commended residents for their peaceful and orderly conduct following mosque and church services, noting that public cooperation remained essential to maintaining security and public order across the territory.
The commissioner urged residents to continue cooperating with the police and other law enforcement agencies, remain security-conscious and promptly report suspicious persons, movements or activities to the nearest police station.
He further encouraged residents to utilise the Command’s emergency lines, 08032003913 and 08061581938, to report security concerns.
Adeh said the Command’s Public Relations Office remained open and accessible to members of the public for enquiries, complaints, information and other security-related matters.
The FCT Police Command reiterated its commitment to protecting residents and worshippers and maintaining security across the Federal Capital Territory.
Vice President Kashim Shettima has arrived in Uyo, the Akwa Ibom State capital, for the All Progressives Congress (APC) presidential campaign rally ahead of the 2027 general elections.
The development was disclosed on Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.
Akwa Ibom occupies a strategic position in President Bola Ahmed Tinubu’s Renewed Hope Agenda, with major federal investments expected to strengthen infrastructure and economic activities across the state.
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One of the major projects is the Lagos–Calabar Coastal Highway, which has an approximately 82.8-kilometre stretch passing through Akwa Ibom.
The project, according to the statement, “promises improved connectivity, expanded trade, greater investment and new economic opportunities for communities across the region.”
Beyond infrastructure, the administration’s interventions in education, agriculture, healthcare, youth empowerment and social protection are also designed to improve livelihoods and broaden economic participation.
The Nigerian Education Loan Fund (NELFund) is among the initiatives highlighted, complementing Governor Umo Eno’s investments in roads, aviation, tourism and human capital development.
The statement noted that the Uyo rally provides “another opportunity to strengthen the APC’s growing political presence in the South-South and make the case for continuity in 2027.”
Executive Vice President and Country Chair, Shell Companies in Nigeria, Elohor Aiboni was among 100 people honoured with the DTN@100 Award.
She joined a list of distinguished recipients recognised by the Daily Times newspapers. The contributions of the awardees to national development will be documented in a special publication, titled Nigerian Grand Book.
Daily Times which started publication in 1926 gave the awards as part of its centenary celebrations in Lagos. The centenary theme is: “Honouring the Past, Shaping the Future.” Chairman, Folio Media Group and Publisher Daily Times of Nigeria Fidelis Anosike said: “We proudly celebrate Elohor Aiboni, Executive Vice President and Country Chair of Shell Companies in Nigeria, for her well-deserved recognition at the Daily Times Heroes Award. As a visionary female leader, Elohor has shown that true leadership is defined by action. Her forward-thinking policies continue to drive real, positive change across our nation.”
In her response, Elohor said: “Although this award is presented to me, I do not regard it as mine alone. I share it with my colleagues across the Shell Companies in Nigeria, our partners, and the many people I have had the privilege of working with and learning from over the years.”
Elohor was commended for her achievements in a career in the energy industry that started in Shell in 2002. In addition to serving in operational roles within and outside Nigeria, she has worked as asset manager for Bonga, leading up to her appointment as Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) in 2021, the first female to hold the post. Early this year, she took up the role of Executive Vice President and Country Chair, Shell Companies in Nigeria, also the first female and Nigerian to hold both roles.
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In her acceptance speech, Elohor also called for concerted efforts towards educating the girl-child. She said: “If we are serious about shaping Nigeria’s future, we must be equally serious about educating and empowering the Nigerian girl child. Education provides not only knowledge, but also confidence, choice and the opportunity to contribute meaningfully to her community and country.”
Photo Caption – L-R: Energy and Investment Solicitor, Sam Aiboni; Executive Vice President and Country Chair, Shell Nigeria, Elohor Aiboni; actress Rita Dominic; and Daily Times Chairman, Fidelis Anosike, during the award presentation at Harbour Point, Lagos.
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