NNPCL asked to account for ₦825bn and $2.5bn Spent on Refinery Repairs

The Socio-Economic Rights and Accountability Project (SERAP) has urged Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to provide clarity on the alleged disappearance of over ₦825 billion and $2.5 billion allocated for refinery rehabilitation and oil revenue.

This demand comes in light of the 2021 Auditor-General of the Federation’s annual report, which raised significant concerns about the management of public funds by NNPCL.

A recent audit by SERAP, released on November 27, 2024, uncovered several financial irregularities.

This includes ₦825 billion reportedly deducted from crude oil sales between 2020 and 2021 for refinery repairs, yet remaining unaccounted for.

SERAP commended NNPCL CEO Mele Kyari’s invitation to former President Olusegun Obasanjo to inspect Nigeria’s refineries

However stressed the need for EFCC and ICPC involvement to ensure transparency.

“We urge you to formally involve the EFCC and ICPC in monitoring refinery operations,” the letter stated.

Aligning with Nigeria’s Constitution and anti-corruption commitments.

However, Obasanjo declined the invitation, calling it disrespectful, as reported by PUNCH on Saturday.

The letter also highlighted financial irregularities, including ₦343 billion deducted for pipeline maintenance;

₦83.66 billion withdrawn from a sinking fund; and,

Over ₦204 billion in unexplained oil royalty deductions.

SERAP demanded the recovery of these funds within seven days or threatened legal action.

The letter was copied to key officials, including President Bola Tinubu, EFCC and ICPC leaders, and legislative Public Accounts Committees.

Tags: NNPC SERAP