The Socio-Economic Rights and Accountability Project (SERAP) has formally written to the Nigerian National Petroleum Company Limited (NNPCL) urging it to “account for the alleged missing N22.3 billion, US$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.” (Ripples Nigeria)
In a letter dated 25 October 2025 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged Ojulari to:
identify those responsible for the alleged diversion or misappropriation of the funds,
hand them over to enforcement agencies — namely the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) — for investigation and prosecution, and
ensure the full recovery and return of the diverted or misappropriated funds to the federation’s treasury “without further delay”. (Vanguard News)
According to SERAP, the AGF’s 2022 report (published 9 September 2025) flagged the NNPCL for failing to account for the sums mentioned above, and warned that the money may have been diverted. (Vanguard News)
The organisation argued that the alleged missing revenues reflect “a grave violation of the public trust”, undermining Nigeria’s constitutional provisions, anti-corruption laws, and its international obligations. SERAP added that the funds should have been used for essential public services, and their disappearance has adversely affected economic development in the country. (Ripples Nigeria)
SERAP further gave NNPCL a seven-day ultimatum from the date of the letter to respond. Failing this, the organisation said it would consider “appropriate legal actions” to compel compliance. (Ripples Nigeria)
