RismadarVoice Reporters
March 22, 2026
The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President Godswill Akpabio to ensure full transparency in the ongoing investigation into alleged missing or unaccounted funds totalling about ₦200 trillion in the Nigerian National Petroleum Company Limited (NNPCL).
In a letter dated March 21 and signed by its Deputy Director, Kolawole Oluwadare, the organisation urged the Senate to direct its Public Accounts Committee to publicly disclose all details of the probe, including the identities of officials implicated in the alleged financial discrepancies.
SERAP specifically requested the publication of audit reports, financial records, official communications, and proceedings of the committee, including minutes, submissions, and evidence presented. It also called for clear timelines for the appearance of those involved and the conclusion of the investigation.
The group expressed concern over what it described as prolonged delays in the probe, noting that the slow pace and repeated failure of some officials to appear before the committee could undermine public confidence.
“The ongoing probe into the alleged missing ₦200 trillion has dragged on for an extended period. Such delays risk eroding public trust and may lead to the loss or distortion of critical evidence,” SERAP stated.
The Senate committee is currently investigating claims that about ₦200 trillion was either missing or unaccounted for in NNPCL’s accounts between 2017 and 2023. According to SERAP, the discrepancies involve approximately ₦103 trillion in joint venture and operational costs, and about ₦107 trillion in receivables, subsidies, and other financial obligations.
The organisation stressed that transparency is essential to prevent any perception of a cover-up or political interference, adding that Nigerians have a right to scrutinise how public resources are managed.
“Full disclosure will allow Nigerians to independently assess the credibility of the allegations and the integrity of the investigation,” the group said.
SERAP also warned that failure to act could entrench a culture of impunity and weaken accountability in the management of national wealth.
Citing provisions of the Nigerian Constitution and international anti-corruption frameworks, the organisation maintained that public institutions are obligated to ensure openness and accountability in handling public funds.
It gave the Senate a seven-day ultimatum to act on its recommendations, warning that it may initiate legal proceedings if there is no compliance.
The call comes amid growing public concern over transparency in Nigeria’s oil sector, with analysts noting that the outcome of the investigation could have significant implications for accountability and governance in the industry.
