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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.”
Osun State Governor, Ademola Adeleke has justified the activation of the Osun State Security Trust Fund on the ground of growing insecurity and public sector funding challenges facing all levels of government.
To show commitment of the state government, Gov Adeleke announced a contribution of three hundred million naira (N300m) to the trust fund.
On his part, billionaire philanthropist and brother of the state governor, Dr. Deji Adeleke donated five hundred million naira (N500m) while several businesses contributed various amounts.
The governor also used the occasion to announce the imminent sharing of refurbished Armoured Personnel Carriers and new patrol vehicles, declaring that “the administration is determined to maintain Osun’s record as one of the most peaceful states in the country”.
Launching the security trust fund at Osogbo, the governor decried the abandonment of the trust fund initiative by the Oyetola administration, describing the implementation of the trust fund as ‘long overdue’.
According to the governor, several states in Nigeria have established security trust funds. Osun started the process but this was abandoned under the immediate past administration of Mr Gboyega Oyetola.
“Our government decided to revive the initiative by updating the law and organising the launching today. A security trust fund is a matter of necessity considering the security climate in Nigeria and Osun state.
“We all know Nigeria faces security challenges. Yet, available public financing resources are limited. Governments at all levels then initiate public-private partnership to bridge the funding gap.
“It is neither a political project nor a self-serving policy. This is a necessary policy to secure our people. Only an irresponsible government will abandon the PPP arrangement that is working so well in Lagos, Kaduna, River states among others. Ours is a responsible leadership with people-oriented innovations, policies and programmes.
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“This Fund is designed to provide sustainable funding for modern security infrastructure. Through this Fund, we will establish a modern Situation Room with real time CCTV surveillance. We will continue the provision of operational tools required by our security agencies.
The governor appreciated all individuals, corporate organisations and stakeholders that have been contacted. “We appreciate your positive disposition. Today, I am inviting, for partnership, the private sector, financial institutions, development partners, professional bodies and all sons and daughters of Osun State.
“As a trust fund regulated by law, I assure you of strict accountability, transparency and due process in the management of the trust fund”, the governor said.
Secretary to the State Government who also doubled as the deputy chairman of the trust fund, Hon Teslim Igbalaye congratulated the governor for activating the Fund after its enabling law was passed as far back as 2012 while several special guests pleaded support for the initiative.
Public Policy analysts, government officials and other stakeholders have in Lagos hailed the strategic foresight and industrial courage of the President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, describing the Dangote Petroleum Refinery as a transformative national asset deserving of collective appreciation by Nigerians.
This position was strongly articulated at the 2026 Bullion Lecture, powered by the Centre for Financial Journalism, where the Director‑General of the Raw Materials Research and Development Council (RMRDC), Prof Nnanyelugo Ike‑Muonso, declared that Nigerians owe Aliko Dangote a profound debt of gratitude for investing in the world‑class refinery.
Delivering the keynote lecture themed “From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Industrial Renaissance,” Professor Ike‑Muonso said the refinery represents a decisive break from Nigeria’s long‑standing dependence on crude oil exports with minimal domestic value addition.
According to the RMRDC Chief, Nigeria had historically exported crude oil only to re‑import refined petroleum products such as Premium Motor Spirit (PMS), with little economic benefit beyond crude sales.
“That narrative has now changed. Instead of exporting crude and importing PMS alone, the Dangote Petroleum Refinery processes crude locally to produce PMS, diesel, dual purpose kerosene (DPK), and valuable by‑products for petrochemicals such as polypropylene. This represents complete domestic value addition.”
Prof Ike‑Muonso described the refinery as Nigeria’s most concrete example yet of how strategic industrial investment can unlock the full value of the country’s natural resources.
Against the backdrop of ongoing instability in the Middle East and its implications for global energy supply and price volatility, the RMRDC boss said the Dangote Petroleum Refinery has emerged as a stabilising force and an African‑led solution to global energy challenges.
“With the far‑reaching consequences of the Middle East crisis on global energy markets, the Dangote Petroleum Refinery stands today as a monumental demonstration of strategic foresight, industrial courage and African self‑reliance,” he said.
“Nigeria should, in fact, be praying for Aliko Dangote at this time.”
Prof Ike‑Muonso also presented comparative data on raw‑material value addition across countries, including the United States, India, Brazil, South Africa and Kenya, revealing that Nigeria records the lowest percentage of value addition.
He disclosed that the country loses an estimated $29 billion annually due to the export of raw materials without processing partly due to the energy deficit.
“Rather than exporting raw materials, Nigeria should be exporting processed raw materials and finished products,” he argued.
Identifying obstacles to achieving full value addition, the RMRDC Director‑General highlighted key structural challenges such as: Private infrastructure tax, resulting from companies’ reliance on self‑generated power; Logistics gaps, noting that only about 30 percent of Nigeria’s road network is paved; and Capability gaps within the industrial ecosystem.
He stressed that sustained industrialisation remains Nigeria’s most viable pathway to broad‑based economic prosperity, citing Dangote Industries’ investments as a model for the country.
Earlier in his remarks, Otunba Kelvin Dele Oye, Chairman of the Economic Research and Ethics Committee and former President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), also commended Dangote’s industrial contributions.
He decried what he described as an imbalance in the exploitation of Nigeria’s raw materials by foreign investors, often without meaningful value addition to the local economy.
Otunba Oye called for deliberate government policies and stricter regulatory vigilance to ensure that raw material exploitation benefits Nigerians, while enabling local investors to compete favourably with foreign players.
The event, which marked the 10th anniversary of the Bullion Lecture, also featured the unveiling and launch of a commemorative book titled “Pathways to Nigeria’s Socio‑Economic Transformation.”
The book, authored by Mr. Ray Echebiri, Chief Executive of the Centre for Financial Journalism, documents all lectures delivered since the inception of the Bullion Lecture series.
Photo Caption
From Left: GMD/CEO, Dangote Cement Plc, Arvind Pathak; Chairman, Sinoma International Engineering Co. Ltd., Yin Zhisong; Consulate General of the People’s Republic of China, Yan Yaqing; President/CE, Dangote Industries Limited, Aliko Dangote; Chairman of the Board, Sinoma International Engineering Co. Ltd., Lin Zhisong and Vice President Oil & Gas, Dangote Industries Limited, Devakumar Edwin, during the Sinoma International visit to Dangote Head Office in Lagos
NEWS
Dangote Refinery Exports 1.1bn Litres of Aviation Fuel to Europe, Supplies 95% of Nigeria’s Jet A1 – AON
The Airlines Operators of Nigeria (AON) has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar of support for Nigeria’s aviation industry, disclosing that the refinery currently supplies over 95 per cent of the Jet A1 fuel consumed nationwide.
Biztellers reports that the company also exported 1.1 billion litres of aviation fuel to Europe between March and April 20.
Speaking during a televised interview, AON spokesperson Obiora Okonkwo said the refinery’s output has played a vital role in sustaining domestic airline operations at a time of global supply disruptions arising from tensions in the Middle East and rising fuel costs.
“It is a matter of fact that over 95 per cent of aviation fuel supplied across the country comes from the Dangote refinery. To airline operators in Nigeria, Dangote is not just a refinery; it is a game changer and, indeed, a lifesaver,” Okonkwo said.
He noted that despite the refinery’s consistent supply, airlines continue to face severe operational strain due to escalating Jet A1 prices, which he attributed to sharp practices within the downstream distribution chain.
According to Okonkwo, some fuel marketers are allegedly creating artificial scarcity in spite of available supply from the refinery, leading to disproportionate price increases. He disclosed that airline operators have recorded Jet A1 price hikes of up to 300 per cent since the onset of the Middle East crisis.
“We consider this exploitation. The refinery has not indicated any shortage, yet we are witnessing artificial scarcity and unjustifiable price increases. What airlines pay does not reflect depot prices,” he said, suggesting the presence of racketeering within the market.
Echoing these concerns after a closed‑door meeting between the AON and the Federal Government, Chairman and Chief Executive Officer of Air Peace, Allen Onyema, described the situation as deeply troubling, particularly given that the Dangote refinery sells its products at comparatively lower rates.
“The truth is that marketers must be called to account. How do prices rise by as much as 300 per cent when Dangote’s supply remains the cheapest and some marketers source directly from the refinery?” Onyema asked. “So, why the astronomical increase?”
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Meanwhile, the Dangote Refinery continues to expand its footprint in the international aviation fuel market. Industry data indicate that the facility exported approximately 876,000 metric tonnes of jet fuel to Europe within the period under review—about 456,000 tonnes in March and an additional 420,000 tonnes by April 20.
These export volumes underscore the refinery’s growing capacity and improved logistics, further reinforcing Nigeria’s emerging role in the global downstream oil and gas market, even as it strengthens domestic energy security.
Photo Caption
From Left: President/CE, Dangote Industries Limited, Aliko Dangote; President of Uganda, H.E. Yoweri Museveni; President of Kenya, H.E. William Ruto, and CEO of the Africa Finance Corporation, Samaila Zubairu, at The Africa We Build Summit in Nairobi, Kenya, on Thursday.
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