Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to account for the alleged missing N22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money as documented in the recently published 2022 yearly report by the Auditor-General of the Federation on September 9, 2025.
  
SERAP urged Ojulari to identify those responsible for the diverted or misappropriated oil money and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution, as appropriate.
  
In a letter at the weekend signed by the Deputy Director, Kolawole Oluwadare, SERAP also urged him to ensure the full recovery and return of the diverted or misappropriated funds to the treasury without further delay.
  
The organisation said the grim allegations by the Auditor-General of the Federation (AuGF) suggested a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), anti-corruption laws and the country’s international obligations.
  
SERAP noted that the allegations also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.

According to the body, the Auditor-General has, for many years, documented reports of disappearance of oil money from the NNPCL, while Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.
  
It maintained that combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.
   
Arguing that if NNPCL had accounted for and remitted the diverted or misappropriated oil money to the treasury, it is likely that more funds would have been allocated to the fulfilment of economic and social rights of Nigerians, such as increased spending on education and healthcare and the level of borrowing by the government would also have been reduced.
  
According to the 2022 audited report by the AuGF, published on September 9, 2025, NNPCL failed to account for over N22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money, raising fears that the money may have been ‘diverted.’
  
SERAP notes that Section 15(5) of the Constitution requires public institutions to abolish all corrupt practices and abuse of power.