Business
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 Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
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