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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 Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.
The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.
The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort
“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”
“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.
Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.
Chinedu Wosu
The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.
The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.
The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.
Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.
In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.
Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.
He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.
Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.
He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.
The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.
He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.
The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.
An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.
Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.
He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.
He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.
However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.
“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.
“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.
“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.
Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.
He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.
He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.
According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.
He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.
Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.
He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.
He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.
According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.
Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.
He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.
He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.
He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.
“This approach ensures generational continuity and innovation in the agricultural sector,” he said.
Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.
He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.
He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.
“Food imports should function as a strategic shock absorber rather than a permanent market feature.
“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.
“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.
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