The Socio‐Economic Rights and Accountability Project (SERAP) has called on Bayo Bashir Ojulari, Group CEO of the Nigerian National Petroleum Company Limited, to explain why ₦500 billion of oil revenue meant for the Federation Account was not remitted between October and December 2024, as revealed by the World Bank. In a Freedom of Information request dated 17 May 2025, SERAP urged Mr. Ojulari to identify and surcharge those responsible, invite the ICPC and EFCC to investigate, and ensure full recovery and remittance of the funds within seven days—or face legal action.
Highlighting that NNPCL reported only ₦600 billion of the ₦1.1 trillion in crude sales and other income for 2024, SERAP decried the shortfall as a grave breach of constitutional and anti-corruption obligations. The organisation warned that the disappearance of these funds has frustrated economic development, deepened poverty, and deprived Nigerians of essential public services amid a rising cost-of-living crisis. Citing Supreme Court rulings and Nigeria’s commitments under the Freedom of Information Act and the UN Convention against Corruption, SERAP insisted that transparency in managing oil wealth is both a legal duty and a public right.
