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SERAP demands NNPC accountability within 7 days for missing $2.04bn, N164bn oil revenues
The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern call to Mr Mele Kolo Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, urging him to “promptly account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.” SERAP emphasizes the urgency, citing the latest annual report by the Auditor-General of the Federation as evidence.
In a letter dated 17 February 2024, signed by SERAP deputy director Kolawole Oluwadare, the organisation demands that Kyari names and shames those responsible, surcharge them for the full amount involved, and hand them over to appropriate anticorruption agencies.
Furthermore, SERAP urges the full recovery and remittance of the missing funds into the Federation Account without delay.
The allegations outlined in the Auditor-General’s report indicate a systemic failure of NNPC’s accountability, contributing to the country’s economic challenges.
SERAP emphasizes the potential worsening of the dire economic situation and the denial of basic public goods and services to Nigerians without swift action.
The letter highlights the Auditor-General’s longstanding documentation of reports on disappearing public funds from NNPC, underlining the detrimental impact on the Nigerian population.
SERAP warns that failure to comply within 7 days may lead to legal actions to ensure NNPC’s adherence to their requests in the public interest.
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The allegations involve not only NNPC but also the Nigerian Petroleum Development Company (NPDC) Ltd, with calls for the recovery and remittance of funds and handing over those suspected to be involved to anticorruption agencies.
SERAP emphasizes the violation of public trust, constitutional provisions, and international obligations under the UN Convention against Corruption.
The letter stresses that transparency and accountability in managing oil revenues are crucial for the advancement of Nigerians’ rights to restitution, compensation, and guarantee of non-repetition.
SERAP calls for the upholding of legal commitments and obligations to ensure proper management of public affairs and funds, combating corruption in the oil sector for the benefit of the Nigerian population.
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