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

by Hassan Saheed
January 6, 2025
in Business News
A A
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NNPC reduces NMDPRA fee Per-Litre petrol in New Pricing Template

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.

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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₦83.66 billion withdrawn from a sinking fund; and,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: NNPCSERAP
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Hassan Saheed

Hassan Saheed

I am a passionate and driven individual transitioning from university life into the professional world. A graduate of Bachelor's degree in Business Administration, I possess a versatile skill set that enables me to excel in various domains. As a data analyst, I have a profound love for numbers and a firm grasp on statistical analysis tools. My ability to analyze complex data sets and extract valuable insights allows me to make informed decisions and contribute to the success of businesses. I am always eager to acquire new techniques and stay updated with the latest trends in data analysis to enhance my expertise in this field. In addition to my analytical abilities, I am also a skilled graphics designer. I have a creative eye and a knack for transforming ideas into visually appealing designs. Whether it is crafting stunning logos or designing captivating marketing materials, my attention to detail and my understanding of branding principles enable me to deliver aesthetic designs that resonate with target audiences. Beyond academics, I have a strong commitment to giving back to the community. I actively engage in volunteer work, leveraging my skills and knowledge to support causes that I am passionate about. I find profound fulfillment in being able to make a positive impact on the lives of others and strive to continuously contribute to society. Furthermore, I am experienced in managing freelance projects. This aspect of my life has allowed me to enhance my problem-solving skills, sharpen my communication abilities, and build strong working relationships with clients. I thoroughly enjoy the entrepreneurial aspect of freelancing and relish the challenges and opportunities it presents. As I embark on my professional journey, I am eager to apply my diverse skills and knowledge to contribute to the success of an organization. I am open to new opportunities where I can continue to learn, grow, and make a meaningful impact. If you are interested in collaborating or discussing potential professional engagements, please feel free to reach out.

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