Business
SERAP Quizzes NNPCL Over N825bn, $2.5bn Refinery Repair Fund
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to explain the disappearance of over N825 billion and $2.5 billion earmarked for refinery rehabilitation and oil revenues.
The demand follows a 2021 annual report by the Auditor-General of the Federation, which raised serious concerns about the management of public funds within the NNPCL.
A recent audit by SERAP, published on November 27, 2024, highlighted several financial discrepancies involving missing or unaccounted-for funds.
This includes the N825 billion allegedly deducted from crude oil sales between 2020 and 2021 for refinery repairs.
The Auditor-General’s office has suggested that these funds may have been diverted and has called for a thorough investigation and recovery of the money.
In a letter dated 4 January 2025, SERAP urged Kyari to “account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for refinery rehabilitation and other oil revenues”, referencing the Auditor-General’s report.
On his oart, SERAP’s Deputy Director, Kolawole Oluwadare, in a press release titled “Account for Missing N825bn, $2.5bn for Refinery Repairs and Others: Invite EFCC, ICPC”, the ongoing mismanagement of public funds “has undermined Nigeria’s economic development, trapped the majority of Nigerians in poverty, and deprived them of opportunities”.
The organisation called for increased transparency and demanded that those responsible for the alleged mismanagement of funds be handed over to the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission for investigation and possible prosecution.
SERAP also welcomed Kyari’s public invitation to former President Olusegun Obasanjo to tour Nigeria’s refineries but emphasised the importance of involving the EFCC and ICPC to ensure transparency in refinery operations.
“We urge you to formally invite former President Olusegun Obasanjo to tour Nigeria’s refineries and to extend your invitation to the EFCC and ICPC to monitor the operations of the refineries”, the letter stated, noting that this aligns with Nigeria’s Constitution and international anti-corruption commitments.
The Tide’s source, however, stated that the former President rejected the invite, declaring it as disrespectful.
The letter also outlined other instances of financial irregularities, including over N343 billion deducted from crude sales for pipeline maintenance, N83.66 billion withdrawn from a sinking fund account, and more than N204 billion in unexplained deductions from oil royalties in 2021.
Additionally, the Auditor-General highlighted discrepancies in outstanding bridging allowances, royalties, and revenues, all of which SERAP insists should be recovered and remitted to the Federation Account.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter”, the letter concluded.
“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”.
According to the source, a copy of the letter was also sent to key officials, including President Bola Tinubu; Chief of Staff Femi Gbajabiamila; Attorney General Lateef Fagbemi; ICPC Chairman Musa Aliyu; EFCC Chairman Olanipekun Olukoyede; and the Chairpersons of the Public Accounts Committees of both the Senate and the House of Representatives.
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The United States Agency for International Development (UNAID) has said its programmes operate transparently and align with the Nigeria’s laws.
A statement issued by the US Mission in Nigeria highlighted the significant achievements of its agricultural collaboration with Nigeria, within the week, saying it has supported over five million Nigerian farmers since 2019.
The agency stated that it has boosted food production and strengthened rural economies across the country through its efforts.
“Recent media coverage has presented an inaccurate picture of US agricultural initiatives in Nigeria, such as assisting local agencies’ efforts in strengthening regulatory processes for agricultural biotechnology”, the statement noted.
The US Mission stressed that its agricultural programmes are developed and implemented with Nigerian experts, farmers, and government officials.
USAID explained its initiative’s focus on practical support for farmers, including market access, agricultural training, and research collaboration.
The agency reaffirmed its commitment to ensuring all research findings and programme details remain publicly accessible through official channels.
“Our agricultural partnership represents a shared commitment to addressing Nigeria’s food security challenges through locally-driven solutions”, it stated.
The US Mission also underscored its ongoing consultations with Nigerian stakeholders, maintaining regular dialogue with farmers, experts, and government agencies.
It reiterated its respect for Nigeria’s agricultural sovereignty and traditions.
“We are proud of our record of supporting Nigerian farmers while respecting local agricultural traditions and practices”, it added.
President Bola Tinubu has expressed his administration’s ambition to position Nigeria as a global leader in agricultural exports as a cornerstone of his Renewed Hope Agenda.
He disclosed this recently at the Road to South-South National Convergence for the Renewed Hope Agenda at the Presidential Villa.
Represented by the Minister of Regional Development, Abubakar Momoh, he also unveiled the Earn from the Soil Initiative, which aims to transform subsistence farming into a robust, export-driven sector.
“This initiative is a powerful declaration that we are committed to turning our non-oil resources into collective prosperity. Nigeria will be a leading agricultural export nation”, he said.
The Earn from the Soil project was designed to revolutionise Nigeria’s agricultural landscape, creating export opportunities and ensuring national food security.
According to the President, the initiative will empower citizens to become agents of economic prosperity, transforming local farming practices into global economic drivers.
He also highlighted the untapped potential of the South-South region, known for its rich natural resources and talent, and called for more significant investment in non-oil sectors.
“The South-South is open for business just as the whole of Nigeria is ready for business. We are creating an ecosystem of opportunity, innovation, and sustainable growth”, he said.
Tinubu’s administration seeks strategic support from local and international partners to build a resilient economic ecosystem, moving away from reliance on traditional aid.
Tinubu also emphasised the crucial role of young people and women in driving the initiative’s success.
The President assured Nigerians that his administration remains committed to fulfilling its promise of restoring hope and confidence, with the Earn from the Soil initiative marking a significant step in achieving that vision.
On her part, the Senior Special Assistant to the President on Community Engagement (South-South), Hon Gift Johnbull, has spotlighted the South-South region as a critical hub of untapped economic potential, calling for strategic partnerships to unlock its vast resources and foster national growth.
She underscored the region’s significant contributions to Nigeria’s economy, particularly in oil and gas, while emphasising its underutilised agriculture, innovation, and entrepreneurship opportunities.
She also called on investors, policymakers, and stakeholders to see the South-South as a gateway to new opportunities, citing initiatives such as the Pitching Den, launched at the event, as a platform to attract bold entrepreneurs and visionary investors.
“This is your moment to recognise the South-South as a hub of untapped potential”, she said.
The event also featured the unveiling of the Impact Report, highlighting milestones achieved under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The report showcased how targeted initiatives have empowered communities and driven progress in the South-South.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has recommited to supporting the National Drug Law Enforcement Agency (NDLEA) in the fight against drug abuse and trafficking within Nigeria’s maritime sector.
Chairman of the NDLEA, Brig. Gen. Mohammed Buba Marwa (rtd), emphasized this during a courtesy visit by the NDLEA to the NIMASA Towers in Lagos.
Speaking during the visit, the Director General of NIMASA, Dr. Dayo Mobereola, commended the NDLEA for its remarkable achievements in combating drug-related crimes across Nigeria.
He pledged NIMASA’s commitment to collaborating with the NDLEA to secure Nigeria’s maritime domain against illicit shipment of drugs.
“We are glad to welcome the NDLEA team, led by Brig. Gen. Marwa, whose exemplary leadership has brought significant progress in the fight against illicit drugs.
“NIMASA is firmly committed to partnering with the NDLEA to tackle the menace of drug trafficking, particularly through our nation’s ports and terminals.
“Together, we can ensure that the Nigerian maritime domain is not exploited for criminal activities”, Mobereola stated.
Responding, Marwa expressed gratitude for the warm reception and emphasized the need for collaboration to address the rising threat of drug trafficking through maritime channels.
“As the agency responsible for controlling drug abuse and trafficking in Nigeria, we recognize that this task requires collaboration with critical stakeholders like NIMASA.
“The global maritime space has increasingly become a conduit for the illegal movement of drugs, and we are keen to work with NIMASA to address this challenge”, he said.
He continued that “Recent seizures of illicit drugs transported through Lagos ports underscore the need for joint efforts to secure our ports. Within the NDLEA, we have established a Marine Command to focus on this emerging threat.
“We propose close collaboration between this unit and NIMASA, particularly through the Deep Blue Project, to enhance the protection of Nigeria’s maritime space”.
The NDLEA Chairman also pledged the agency’s support in sensitizing NIMASA staff and cadets under the National Seafarers Development Program (NSDP) on the dangers of drug abuse.
Mobereola assured Marwa that NIMASA would explore avenues to integrate NDLEA personnel into the existing maritime security architecture, particularly the Deep Blue Project.
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