Socio-economic Rights and Accountability Project (SERAP) has urged Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Bashir Ojulari, to account for and explain the whereabouts of the alleged missing N500 billion, which the firm reportedly failed to remit to the Federation Account, between October and December 2024, as revealed by the World Bank.

It implored Ojulari to identify the suspects, surcharge them, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.

The World Bank had, last week, disclosed that out of the N1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600 billion, leaving a deficit of N500 billion unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.

In the Freedom of Information request over the weekend and signed by its deputy director, Kolawole Oluwadare, SERAP said there was a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Constitution 1999 (as amended).

It said the country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.