Amid dollars shortage, SERAP asks NNPCL to account for missing $2.04bn oil revenue

 

The Socio-Economic Rights and Accountability Project (SERAP), has charged the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kolo Kyari, to, without any further delay, account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.

The group which stated that the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation equally urged the NNPCL boss to name and shame those responsible for the disappeared oil money, surcharge them for the full amount involved, and hand them over to the appropriate anti-corruption agencies, as provided for under paragraph 3112 (ii) of the Financial Regulations 2009, and recommended by the Auditor-General.

SERAP further urged Kyari, “To ensure the full recovery and remittance of the missing $2.04 billion and N164 billion into the Federation Account without further delay.”

Making reference to its letter dated February 17, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the group maintained that, “The missing oil revenues have further damaged the already precarious economy in the country and contributed to very high levels of deficit spending by the government.

“Without the full recovery and remittance of the missing $2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”

According to SERAP, “The Auditor-General has for many years documented reports of the disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.”

The letter read in part: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. 

“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.

“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the federation account, it is likely that more funds would have been allocated to the fulfilment of economic and social rights, such as increased spending on public goods and services.

“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.

“Explaining the whereabouts of the missing public funds, naming and shaming those suspected to be responsible and ensuring that suspected perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”