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NNPC Given 7 Days To Account For ‘Missing’ Oil Revenues

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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

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2027: ‘Even If Insecurity Worsens, Power Will Not Change Hands’ – Okpebholo Declares

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Governor Monday Okpebholo of Edo State has insisted that political power in Nigeria will remain unchanged even if insecurity in the country worsens, declaring that the ruling party remains firmly in control ahead of future elections.

Okpebholo made the statement on Tuesday during the flag-off of the All Progressives Congress (APC) campaign for the upcoming local government council elections in Edo South Senatorial District.

The governor said the recent rise in insecurity across parts of the country is being politicised, alleging that some actors are deliberately worsening the situation to discredit President Bola Tinubu’s administration.

SEE ALSO: Army Releases Six Kwara Vigilantes Arrested Along Edo Highway

He maintained that such efforts would not succeed in altering the political direction of the country.

“Even if insecurity worsens, power will not change hands. They can even kidnap all of us—there is no vacancy in Aso Rock,” Okpebholo declared.

He further argued that those behind the alleged political manipulation of insecurity have no viable alternative agenda, stressing that violence would only harm ordinary citizens rather than achieve political gain.

The governor also defended the performance of the federal government, noting that key policy decisions, including the removal of fuel subsidy, were beginning to translate into visible development projects across states.

He commended candidates of the All Progressives Congress who emerged from the party primaries for the forthcoming council polls, urging them to take the party’s message of development to grassroots communities.

Okpebholo expressed confidence that the party’s performance at the local government elections would strengthen its position ahead of the 2027 general elections.

The event also featured the official unveiling of APC candidates for various positions in Edo South Senatorial District.

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Senate Queries SEDC Over N153m Abuja Office Rent, Demands Full Spending Breakdown

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Why Orji Kalu should return to Senate — Abia North constituent

The Senate has raised concerns over the financial operations of the South East Development Commission (SEDC), questioning alleged expenditures including N153 million reportedly spent on renting a single-room liaison office in Abuja.

The matter was raised during an investigative hearing of the Senate Committee on the South East Development Commission, chaired by Senator Orji Uzor Kalu, as lawmakers examined the commission’s 2025 budget implementation and spending records.

The committee disclosed that the SEDC received N16.6 billion in December 2025, with about N13 billion reportedly remaining in its account, suggesting that roughly N3.6 billion had already been expended.

ALSO READ: Kalu Dubs SEDC As Historic Milestone

Lawmakers expressed dissatisfaction with the financial report submitted by the commission, insisting that several figures were unclear and required detailed justification.

A key concern was the alleged N153 million spent on office rent in Abuja, despite the commission’s headquarters being located in Enugu.

Senator Orji Uzor Kalu described the financial submission as unacceptable and demanded proper accountability.

“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu said.

Other members of the committee also questioned additional expenditures reflected in the report, including about N2.5 billion described as unclear or insufficiently explained.

Responding to the concerns, the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, defended the commission’s spending, insisting that all expenditures were carried out prudently and within available resources.

Okoye explained that the commission operates based on actual cash releases rather than full budgeted allocations, noting that this approach helps prevent financial mismanagement.

“For example, having a budget of N140 billion does not automatically mean that N140 billion in cash is available. It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released,” he said.

However, the committee was not satisfied with the explanations and directed the commission to submit full documentation of all expenditures, including contract details, payment records, and supporting documents, on or before June 23.

Senator Kalu added that the committee would review the documents before fixing another date for further appearance.

“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” he stated.

The hearing was thereafter adjourned, with lawmakers insisting on full transparency and accountability in the management of public funds allocated to the commission.

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‘Enough of the Speeches’ – Sharia Council Demands Immediate Action on Insecurity

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The Supreme Council for Shariah in Nigeria has called on the Federal Government to move beyond promises and take urgent, decisive action to address the worsening security crisis across the country.

The Council, in a statement issued by its Secretary-General, Nafiu Baba Ahmad, expressed concern over the persistent wave of killings, kidnappings, banditry and terrorism, saying Nigerians continue to live in fear despite repeated assurances from authorities that security challenges are being tackled.

According to the Council, the security situation has reached an alarming stage, with recent incidents in Borno, Oyo, Niger and Zamfara states underscoring the vulnerability of communities already struggling with years of violence and criminal activities.

SEE ALSO: ‘Enough Is Enough!’ — NLC, TUC Threaten Nationwide Strike Over Insecurity

The Council also cited the recent abduction of a retired Army General and his wife in Katsina State, describing it as further evidence of the growing reach of kidnappers and armed gangs across the country.

It noted that many attacks occurring in rural and underserved areas often go unreported, suggesting that the true extent of the crisis may be far greater than official figures indicate.

Citing reports from security monitoring and human rights organisations, the Council said thousands of Nigerians have been killed, displaced or abducted in recent months.

It added that reports indicate more than 1,000 people were kidnapped across northern Nigeria during the first quarter of the year.

Expressing frustration over what it described as a lack of meaningful progress, the Council said repeated appeals by traditional rulers, religious leaders, civil society organisations and concerned citizens for stronger security measures have yet to produce significant results.

“Nigerians are tired of speeches, promises, condolences, committees and official rhetoric that are not matched by concrete action and measurable outcomes. What the nation requires now is decisive intervention and visible results,” the statement read.

The Council reminded the Federal Government that the protection of lives and property remains one of its core constitutional responsibilities, stressing that no administration can be considered successful while citizens continue to face threats from criminal elements.

While acknowledging the sacrifices and commitment of military personnel and other security operatives, the Council said its criticism was directed at broader leadership and strategic shortcomings in the fight against insecurity.

It also called for greater transparency and accountability in the management of public funds allocated to the security sector, insisting that citizens deserve to know how resources earmarked for defence and intelligence operations are being utilised.

The Council further urged the government to embrace innovative and proactive measures, including improved intelligence gathering, deployment of modern technology, stronger collaboration among security agencies, enhanced community participation and tighter border security.

Warning against complacency, the Council said Nigerians are expecting competent leadership, concrete action and measurable progress in restoring peace and security across the country.

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