SERAP Gives NNPC 7 Days To Account For 'Missing $2.04bn, N164bn Oil Revenues'

SERAP has called upon Mr. Mele Kolo Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, to promptly address the alleged disappearance of USD$2.04 billion and N164 billion in oil revenues. The organization emphasizes that these allegations are substantiated in the latest annual report recently published by the Auditor-General of the Federation.

In a letter dated February 17, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organization urges Mr. Kyari to take decisive action. Specifically, SERAP demands that those responsible for the missing funds be identified, held accountable, and handed over to appropriate anti-corruption agencies, in accordance with paragraph 3112(ii) of the Financial Regulations 2009, as recommended by the Auditor-General.

Moreover, SERAP stresses the importance of recovering and remitting the missing funds into the Federation Account without further delay, asserting that failure to do so could exacerbate the country's economic challenges and deprive Nigerians of essential public goods and services.

The letter underscores the longstanding issue of mismanagement and lack of accountability within the NNPC, as highlighted by the Auditor-General's reports over the years. SERAP emphasizes that addressing these issues is crucial for upholding transparency and accountability within the institution.

SERAP further states that failure to comply with their demands within seven days will prompt them to pursue legal action to compel the NNPC to act in the public interest.

The organization also highlights specific instances of non-remittance by the NNPC and its subsidiaries, citing deductions from oil royalties assessed by the Department of Petroleum Resources (DPR), failure to account for government revenue, and discrepancies in royalty collections by the Nigerian Petroleum Development Company (NPDC) Ltd.

In conclusion, SERAP reiterates the importance of recovering the missing funds, remitting them into the Federation Account, and holding accountable those responsible for their disappearance, as recommended by the Auditor-General.