SERAP Gives NNPC 7 Days to Explain Missing $2.04 Billion and N164 Billion Oil Revenues

The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern call to Mr. Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, demanding accountability for the alleged disappearance of USD$2.04 billion and N164 billion in oil revenues. The demand is based on findings presented in the latest annual report by the Auditor-General of the Federation.

In a letter dated February 17, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organization urges Mr. Kyari to promptly identify those responsible for the missing funds, impose surcharges for the full amounts, and hand them over to appropriate anti-corruption agencies. This action is recommended under paragraph 3112(ii) of the Financial Regulations 2009 and aligns with the Auditor-General’s suggestions.

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The letter emphasizes the urgency of ensuring the full recovery and remittance of the alleged missing funds into the Federation Account without further delay. SERAP contends that the unaccounted oil revenues have exacerbated the country’s economic challenges and contributed to high levels of deficit spending by the government.

Highlighting the potential repercussions, SERAP warns that failure to recover the missing funds could worsen the dire economic situation and hinder Nigerians’ access to essential public goods and services.

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The Auditor-General’s reports have long documented instances of missing public funds from the NNPC, placing an additional burden on the Nigerian population. SERAP asserts that the NNPC’s lack of accountability is linked to its failure to uphold transparency and accountability principles.

In part, the letter reads, “Explaining the whereabouts of the missing public funds, naming and shaming those suspected to be responsible, and ensuring the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

If the recommended measures are not taken within 7 days, SERAP warns of potential legal actions to compel NNPC compliance with their requests in the public interest.

Source: Vanguard News

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