The News:
- SERAP demands explanation and recovery of missing oil revenues from NNPCL.
- Alleged discrepancies based on Auditor-General's report.
- Concerns about economic impact and accountability.
- Legal action threatened if no response within 7 days.
- NNPCL response awaited.
The Socio-Economic Rights and Accountability Project (SERAP) has issued a 7-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) demanding clarification on the alleged disappearance of $2.04 billion and N164 billion in oil revenues.
This follows findings documented in the latest annual report by the Auditor-General of the Federation. "We urge Mr. Mele Kyari, Group Chief Executive Officer of NNPCL, to promptly account for and explain the whereabouts of these missing funds," said Kolawole Oluwadare, SERAP's deputy director.
"Furthermore, we demand the full recovery and remittance of these missing billions into the Federation Account without further delay," he said.
SERAP's concerns stem from the Auditor-General's report, which reportedly highlights discrepancies in NNPCL's remittance of oil revenues to the government.
The organization argues that such alleged mismanagement, if true, represents a significant blow to Nigeria's already struggling economy and contributes to high levels of deficit spending.
"The missing oil revenues have further damaged the already precarious economy in the country," Oluwadare continued. "Unexplained discrepancies of this magnitude raise serious concerns about accountability and transparency within NNPCL, and undermine public trust in the management of Nigeria's oil resources."
SERAP's ultimatum underscores growing public scrutiny surrounding NNPCL's financial practices. The organization has threatened legal action against NNPCL if it fails to adequately address the alleged discrepancies within the stipulated timeframe.
In addition to ensuring the complete retrieval and restoration of the missing $2.04 billion and N164 billion into the federation account, SERAP also implored the NNPCL boss to deliver those accountable for the diversion of the oil revenue to the relevant anti-corruption authorities.
NNPCL's Response: As of the time of publishing, NNPCL has not yet issued an official response to SERAP's ultimatum. This news story will be updated if a response becomes available.