The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, to provide a detailed account and explanation regarding the reported disappearance of USD$2.04 billion and N164 billion in oil revenues.
These allegations, as per SERAP, are substantiated in the latest annual report released by the Auditor-General of the Federation. The organization has urged Mr. Kyari to identify and hold accountable those responsible for the missing funds, impose appropriate penalties as outlined in the Financial Regulations 2009, and ensure the swift recovery and remittance of the funds into the Federation Account.
In a letter dated February 17, 2024, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organization highlighted the detrimental impact of these missing revenues on Nigeria’s already fragile economy. SERAP emphasized that without the full recovery and remittance of the funds, the economic situation could further deteriorate, depriving Nigerians of essential public services.
The letter stressed that the Auditor-General’s reports have consistently highlighted instances of mismanagement and disappearance of public funds within the NNPC, resulting in adverse consequences for Nigerian citizens. SERAP underscored the urgent need for accountability and transparency within the NNPC to address these systemic issues.
Furthermore, SERAP warned that failure to comply with their requests within the stipulated seven days would compel the organization to pursue legal actions in the public interest.
The letter also emphasized the importance of proper management of public resources in accordance with Nigeria’s constitutional provisions and its international commitments under the UN Convention against Corruption. It called for decisive action to combat corruption in the oil sector, alleviate poverty, and enhance access to public goods and services for all Nigerians.