{"id":6795,"date":"2025-01-06T12:46:16","date_gmt":"2025-01-06T12:46:16","guid":{"rendered":"https:\/\/shakamomodu.com\/?p=6795"},"modified":"2025-01-06T12:46:16","modified_gmt":"2025-01-06T12:46:16","slug":"serap-demands-nnpcs-ceo-mele-kyari-account-for-alleged-missing-n825-billion-and-2-5-billion","status":"publish","type":"post","link":"https:\/\/shakamomodu.com\/index.php\/2025\/01\/06\/serap-demands-nnpcs-ceo-mele-kyari-account-for-alleged-missing-n825-billion-and-2-5-billion\/","title":{"rendered":"SERAP Demands NNPC\u2019s CEO Mele Kyari Account for Alleged Missing N825 Billion and $2.5 Billion"},"content":{"rendered":"<p>The Socio-Economic Rights and Accountability Project (SERAP) has called on Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), to account for over N825 billion and $2.5 billion in alleged missing funds earmarked for refinery rehabilitation and other related expenditures. These funds were flagged in the 2021 annual report released by the Auditor General of the Federation on November 27, 2024.<\/p>\n<p>In a letter dated January 4, 2025, SERAP urged Kyari to identify those responsible for the missing funds and to ensure they are handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC). The organization also proposed a formal invitation for former President Olusegun Obasanjo to visit the country\u2019s refineries, including the Port Harcourt and Warri facilities, alongside representatives from the EFCC and ICPC, to oversee and monitor operations.<\/p>\n<p><strong>Calls for Transparency and Accountability in NNPC\u2019s Finances<\/strong><\/p>\n<p>SERAP\u2019s Deputy Director, Kolawole Oluwadare, emphasized that the public\u2019s trust in NNPC had been violated due to these allegations. According to the Auditor General\u2019s report, the missing funds included:<\/p>\n<ul>\n<li><strong>N825 billion<\/strong> intended for refinery rehabilitation, reportedly deducted from crude oil and gas sales between 2020 and 2021.<\/li>\n<li><strong>$2.5 billion<\/strong> for various operational costs, including pipelines maintenance and management.<\/li>\n<li><strong>Over N343 billion<\/strong> from domestic crude sales, misallocated for unapproved maintenance costs.<\/li>\n<li><strong>Over N83 billion<\/strong> in miscellaneous income from joint venture operations, withdrawn from the CBN\/NNPC sinking fund.<\/li>\n<li><strong>Over N204 billion<\/strong> in unjustified deductions from 2021 oil royalties owed to the Department of Petroleum Resources (DPR).<\/li>\n<\/ul>\n<p>The report also highlighted failures in accounting for significant sums from other areas, such as <strong>$2 billion<\/strong> in uncollected oil royalties and <strong>N48 billion<\/strong> in outstanding royalties from oil companies.<\/p>\n<p><strong>SERAP\u2019s Urgent Appeal for Action<\/strong><\/p>\n<p>In the letter, SERAP stressed that the alleged mismanagement of these funds has not only breached Nigeria\u2019s national anti-corruption laws but has also stifled the country\u2019s economic development, deepened poverty, and limited opportunities for millions of Nigerians.<\/p>\n<p>\u201cThe NNPC\u2019s failure to account for these funds undermines the nation\u2019s financial integrity,\u201d the letter stated. \u201cWe urge you to take immediate action to recover these misappropriated funds and remit them to the Federation Account, as stipulated by the Nigerian Constitution and the country\u2019s international obligations.\u201d<\/p>\n<p>The organization has given Kyari a seven-day ultimatum to respond and initiate the necessary steps to investigate and recover the missing funds. Should there be no response, SERAP warns it will consider legal action to compel NNPC\u2019s compliance.<\/p>\n<p><strong>Serious Allegations Amid Calls for Reform<\/strong><\/p>\n<p>SERAP\u2019s concerns are echoed by the findings of the Auditor General, which suggest that these missing funds may have been misappropriated or are unaccounted for, further exacerbating Nigeria\u2019s financial woes. The Nigerian government has previously vowed to tackle corruption and improve transparency, but reports like this highlight ongoing challenges within key institutions like NNPC, which plays a central role in the country\u2019s oil industry.<\/p>\n<p>In response to these findings, SERAP has reiterated the importance of enforcing accountability in the management of public funds and the need for robust measures to ensure such issues do not continue.<\/p>\n<p><strong>Moving Forward: The Role of Former President Obasanjo and Key Agencies<\/strong><\/p>\n<p>SERAP\u2019s recommendation for former President Obasanjo\u2019s involvement in monitoring the refineries underscores the importance of independent oversight to prevent further corruption in Nigeria\u2019s oil sector. As the country seeks to recover from years of mismanagement and systemic issues, calls for greater scrutiny and transparency have intensified.<\/p>\n<p>The proposed involvement of the EFCC and ICPC further highlights the need for collaborative efforts among regulatory bodies to address the ongoing crisis and ensure that the resources meant for the nation\u2019s development are used appropriately.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Socio-Economic Rights and Accountability Project (SERAP) has called on Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), to account for over N825 billion and $2.5 billion in alleged missing funds earmarked for refinery rehabilitation and other related expenditures. These funds were flagged in the 2021 annual report released [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"Meta Description: SERAP urges NNPC CEO Mele Kyari to account for missing N825 billion and $2.5 billion in refinery funds.","_seopress_robots_index":"","footnotes":""},"categories":[35],"tags":[],"class_list":["post-6795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/6795"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=6795"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/6795\/revisions"}],"predecessor-version":[{"id":6799,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/6795\/revisions\/6799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/6798"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=6795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=6795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=6795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}