The Socio-Economic Rights and Accountability Project (SERAP) has asked the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Bashir Ojulari, to account for and explain the whereabouts of the N500 billion oil revenue the firm allegedly failed to remit to the Federation Account between October and December 2024.

The group issued the NNPCL issued a seven-day ultimatum to respond or face legal action.

This followed the World Bank’s recent disclosure that the NNPCL remitted only N600 billion out of N1.1 trillion in revenue generated from crude oil sales and other income during the period under review—leaving a N500 billion unaccounted for.

In a Freedom of Information request at the weekend, SERAP asked Ojulari to identify “to identify those suspected to be involved, surcharge them for the full amount involved, 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 organisation also asked Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay”.

It said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the 1999 Constitution (as amended). “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/ or publication of this letter. “If we have not heard from you by then, SERAP shall consider appropriate legal action to compel the NNPCL to comply with our requests in the public interest.

“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.

“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.”

According to SERAP, the allegations of unaccounted funds have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.