Emmanuel OchayiThe Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to account for the missing N825 billion and $2.5 billion allocated for refinery repairs and other oil-related revenues.
The call comes after the Auditor-General of the Federation’s 2021 report flagged significant concerns about financial mismanagement within NNPCL.
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SERAP’s demand stems from findings in the Auditor-General’s 2021 annual report, which uncovered severe lapses in fund management. The report highlighted that N825 billion was allegedly deducted from crude oil sales between 2020 and 2021 for refinery rehabilitation, yet the money remains unaccounted for. The report suggests that the funds could have been diverted, urging a thorough investigation and recovery of the money.
SERAP’s Letter to Mele Kyari
In a letter dated January 4, 2025, SERAP called on Mele Kyari to clarify the status of the missing funds. The letter referenced the Auditor-General’s report, urging Kyari to “account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for refinery rehabilitation and other oil revenues.”
SERAP’s Press Release on the Issue
Kolawole Oluwadare, SERAP’s Deputy Director, released a statement titled “Account for Missing N825bn, $2.5bn for Refinery Repairs and Others: Invite EFCC, ICPC.” Oluwadare highlighted that the ongoing financial mismanagement has significantly hindered Nigeria’s economic growth, perpetuating poverty and limiting opportunities for many Nigerians.
SERAP insists that the mismanagement of public funds is a critical issue that needs immediate action.
SERAP Calls for Transparency and Investigation
SERAP has called for greater transparency from NNPCL and has demanded that those responsible for the alleged mismanagement be handed over to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation and possible prosecution.
The organisation believes that accountability is essential to restoring public trust and ensuring the proper use of public funds.
NNPCL’s Response to SERAP and Public Engagement
NNPCL has yet to provide a detailed response to SERAP’s accusations. However, the organisation welcomed Kyari’s recent public invitation to former President Olusegun Obasanjo to tour the Port Harcourt refinery.
This move is seen as an attempt to showcase ongoing efforts to revamp Nigeria’s refinery sector.
Public Reaction and Next Steps
The public’s response to SERAP’s demands has been mixed, with many Nigerians expressing frustration over the lack of accountability in managing public funds. The call for a thorough investigation into the missing funds has gained traction, with demands for clear action from NNPCL to address the issues raised.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
