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SERAP Urges NNPCL to Account for Missing N22.3bn, $49.7m, £14.3m, €5.2m Oil Money
The Socio-Economic Rights and Accountability Project (SERAP) has urged Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) to “account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.”
According to the SERAP the annual report was published on 9 September 2025.
The SERAP urged Ojulari “to identify those responsible for the diverted or misappropriated 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) for prosecution, as appropriate.”
The SERAP also urged Ojulari “to ensure the full recovery and return of the diverted or misappropriated N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money to the treasury without further delay.”
In the letter dated 25 October 2025 and signed by SERAP’s deputy director, Kolawole Oluwadare, the organisation said: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended], anticorruption laws, and the country’s international obligations.”
The SERAP said, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
According to the SERAP, “The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.”
The letter, read in part: “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.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
“The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
“The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government.”
“Had the NNPCL accounted for and remitted the diverted or misappropriated oil money and returned it to the treasury, it is likely that more funds would have been allocated to the fulfillment of economic and social rights of Nigerians, such as increased spending on education and healthcare.”
“The level of borrowing by the government would also have been reduced.”
“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.”
“According to the 2022 audited report by the Auditor General of the Federation, published on 9 September 2025, the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
“The Auditor-General fears that the money may have been ‘diverted.’”
“The NNPCL in 2020 reportedly paid over N292 million [N292,609,972.29] ‘for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja.’ But ‘the contractor has abandoned the contract, and failed to execute the job, despite collecting the fee.’”
“The Auditor-General fears the contract money may have been ‘diverted’. He wants the money ‘recovered from the contractor and remitted to the treasury.’”
“The NNPCL in 2021 also reportedly spent over GBP£14 million [£14,322,426.59] ‘to repair its London office.’ But ‘there was no evidence to show that the money was actually spent, and no documents of any spending’.”
“The Auditor-General fears ‘the money may have been diverted or misappropriated.’ He wants the money recovered and remitted to the treasury.”
“The NNPCL also ‘irregularly paid’ over USD$22 million [$22,842,938.28] to a contractor for lifting 9 cargoes of crude oil.’ The NNPCL ‘failed to explain why the amount due to it from crude from January to October 2019 was only $4,858,997.22 and why the contractor got over $22 million for crude for the same period.’”
“The Auditor-General fears ‘the money may be missing’. He wants the money recovered and remitted to the treasury.”
“The NNPCL in 2021 ‘irregularly paid N2.3 billion [N2,379,488,622.99] as car cash option to 100 staff’ but ‘without the approval of the National Salaries, Incomes and Wages Commission’, and ‘without any document to show that the 100 staff applied for the cash options and any rationale for the payments.’”
“The Auditor-General fears ‘the money may have been diverted’. He wants the money recovered and remitted to the treasury.”
“The NNPCL in 2021 also reportedly ‘failed to deduct statutory taxes of over N247 million [N247,181,597.92] from payments made to contractors and service providers.’ The NNPCL also ‘failed to deduct statutory taxes of over USD$529,000 [$529,863.24] from payments made to contractors and service providers.’”
“The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”
“The NNPCL ‘paid over N3 billion [N3,445,022,107.40] for various services’ but ‘without any documents or trace’. The Auditor-General fears ‘the money may have diverted’. He wants the money recovered and remitted to the treasury.”
“The NNPCL ‘irregularly renewed a contract for over USD$1 million [$1,801,500.00] for charter hire of coastal vessel.’ The money was paid ‘before the consummation of a formal contract ratification. The Auditor-General wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL also ‘irregularly paid a contractor over N355 million [N355,436,310.42] as consultancy fees for negotiating and securing waiver to avoid demurrage on abandoned cargoes.’ The Auditor-General wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘paid over N474 million [N474,462,744.53] to a contractor for the connection of Kaduna Refining and Petrochemical Company Limited to the National Grid.’ The Auditor-General is concerned ‘the money may have been lost’. He wants the money recovered and remitted to the treasury.”
“The NNPCL ‘paid over USD$2 million [$2,006,293.20] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’. The NNPCL also ‘paid over N478 million [N478,505,300.00] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’.”
“The Auditor-General fears that ‘the payments may be for fictitious claims.’ He wants ‘the money recovered and remitted to the treasury.”
“The NNPCL in 2019 ‘awarded a contract for over USD$8 million [$8, 211,432.00] ‘for the emergency procurement and installation of custody transfer meters on crude oil and product pipelines at eleven locations.’”
“The Auditor-General fears that ‘the payments may be for work not executed.’ He wants ‘the money recovered and remitted to the treasury.”
“The NNPCL ‘irregularly paid over €5 million [€5,165,426.26] to a contractor for the operation and maintenance of Atlas Cove Jetty Facility’ but ‘without any documents.’ The Auditor-General fears that ‘the money may have been diverted’. He wants ‘the money recovered and remitted to the treasury.”
“The NNPCL ‘paid over USD$1 million [$1,035,132.81] as legacy debt for charter hire of coastal vessels to a company without power of attorney.’ The Auditor-General fears that ‘the money may have been diverted’. He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘inflated a contract for over USD$1 million [$1,926,497.38] to hire a Time Charter for Carriage of Petroleum Products.’ The Auditor-General fears that ‘the money may have been diverted’. He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘paid $156,000.00 to a consultant as outstanding fee for advising on the financing of the rehabilitation of PHRC’, but ‘the payment is doubtful’’. The Auditor-General fears that ‘the money may have been diverted’. He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘failed to deduct USD$8,355.18 as taxes from the payment of outstanding fees to a consultant for advising on the financing of the rehabilitation of PHRC.’ The Auditor-General fears that ‘the money may have been misappropriated.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘irregularly paid over N82 million [N82,647,151.00] to a consultant for geotechnical/geophysical investigations of the proposed Independent Power Plant Project site.’ But ‘there was no document showing any evidence of payment’.”
“The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘paid over N246 million [N246,196,566.00] for a contract for the purchase and supply of 2400 meters of seamless carbon steel pipe to Warri Refinery Petrochemicals Company Limited.’ But ‘the contract was not never executed and the items were not supplied.’”
“The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.”
“The NNPCL ‘failed to deduct over N46 million [N46,244,033.79] as taxes from a consultancy contract in December 2020 and 2021.’ The Auditor-General wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘irregularly paid N200 million [N200,000,000.00] as settlement for tax renegotiation.’ The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘failed to remit over N12 billion [N12,721,000,000.00] into the general reserve fund its operating surplus for December 2020.’ The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘irregularly paid N152 million [N152,000,000.00] to a company to execute a procurement contract requested from the Office of the Inspector-General of Police’, but ‘without any documents.’ The Auditor-General fears that ‘the payment may be for job not done,’ and wants ‘the money recovered.’”
“The NNPCL ‘irregularly paid N25,000,000.00 as additional consultancy fee on a contract for accounting support.’ The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘paid over USD$12 million [$12,444,313.22] to a contractor to buy and install new diesel generation set at Mosimi Depot.’ But there is no evidence that the project has been fully executed ‘despite the fact that the contract specified that the project awarded in 2020 should be completed within 15 months.’”
“The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.”
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“The NNPCL ‘irregularly paid over N145 million [N145,933,833.00] for a contract for the operation and maintenance of Electro-Mechanical Facilities in the NNPC Towers. The ‘contract was automatically renewed on yearly basis without creating room for a fresh contract where other consultants would be given an opportunity of being considered’. The Auditor-General wants the money accounted for.”
“The NNPCL ‘paid 13 contractors over N1 billion [N1,212,192,409.97] for various works between 2020 and 2021’, but ‘there is no evidence of any work done by the contractors as there were no supporting documents.’”
“The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.”
The 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.”
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
Nigerians are facing yet another economic blow as petrol prices surge again. The Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week.
The latest adjustment, announced to marketers on Monday, follows a temporary suspension of petrol sales at the refinery on Sunday. Diesel, also known as Automotive Gas Oil, has also been revised upwards to N1,620 per litre.
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A senior refinery official, speaking on condition of anonymity, confirmed the hike, noting that it reflects “prevailing market fundamentals and the cost environment we are currently operating in.”
Industry checks show that depot pricing systems have already updated the new rates, signaling an inevitable rise at retail stations.
In some cities, petrol is now being sold at over N1,200 per litre, adding pressure on Nigerian motorists and businesses alike.
This repeated surge comes after earlier increases that pushed gantry prices from N774 to N995 per litre earlier this week.
Experts warn that the hikes are likely to drive up transportation, logistics, and production costs, potentially impacting the prices of goods and services nationwide.
While the Federal Government, through the Nigerian National Petroleum Company Limited (NNPC), is working to secure crude supplies for the refinery via international traders, officials cautioned that this may not immediately reduce prices for consumers.
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