The Socio-Economic Rights and Accountability Project has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, to explain the disappearance of over N825 billion and $2.5 billion earmarked for refinery rehabilitation and oil revenues.
According to SERAP, the demand follows a 2021 annual report by the Auditor-General of the Federation, which raised serious concerns about the management of public funds within the NNPCL.
A recent audit by SERAP, published on November 27, 2024, highlighted several financial discrepancies involving missing or unaccounted-for funds.
This includes the N825 billion allegedly deducted from crude oil sales between 2020 and 2021 for refinery repairs.
It stated that the Auditor-General’s office suggested that these funds may have been diverted and has called for a thorough investigation and recovery of the money.
In a letter dated January 4, 2025, SERAP urged Kyari to “account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for refinery rehabilitation and other oil revenues,” referencing the Auditor-General’s report.
SERAP’s Deputy Director, Kolawole Oluwadare, said in a press statement titled “Account for Missing N825bn, $2.5bn for Refinery Repairs and Others: Invite EFCC, ICPC,” the ongoing mismanagement of public funds “has undermined Nigeria’s economic development, trapped the majority of Nigerians in poverty, and deprived them of opportunities.”
The organisation called for increased transparency and demanded that those responsible for the alleged mismanagement of funds be handed over to the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission for investigation and possible prosecution.
SERAP also welcomed Kyari’s public invitation to former President Olusegun Obasanjo to tour Nigeria’s refineries, but emphasised the importance of involving the EFCC and ICPC to ensure transparency in refinery operations.
“We urge you to formally invite former President Olusegun Obasanjo to tour Nigeria’s refineries and to extend your invitation to the EFCC and ICPC to monitor the operations of the refineries,” the letter stated, noting that this aligns with Nigeria’s Constitution and international anti-corruption commitments.
GIK/APA