A leading Nigerian anti-corruption organisation has issued a seven-day ultimatum to the Senate President, demanding the public release of names and details related to an investigation into an estimated $250 billion (N200 trillion) of unaccounted funds from the state-owned oil company.
The Socio-Economic Rights and Accountability Project (SERAP) has written to Senate President Godswill Akpabio, calling on him to compel the Senate’s Public Accounts Committee to publish the identities of all officials implicated in the alleged financial discrepancies at the Nigerian National Petroleum Company Limited (NNPCL), regardless of their status.
In a letter dated 21 March 2026, SERAP argued that full transparency is essential to prevent political interference and to allow Nigerians to independently scrutinise the investigation. The group warned that if its demands were not met within seven days, it would initiate legal action.
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The Public Accounts Committee is currently investigating audit findings that reportedly uncovered roughly N210 trillion in questionable entries within the NNPCL’s accounts between 2017 and 2023.
According to SERAP, the committee’s review focused on two main areas: approximately N103 trillion recorded as joint venture costs and operational expenses, and about N107 trillion classified as receivables, subsidies, and other financial obligations.
Lawmakers have expressed concern over a lack of supporting documentation and have described some of the company’s submissions as inconsistent.
The investigation has been marked by delays, with SERAP noting that several current and former NNPCL officials have failed to appear before the panel to provide satisfactory explanations.
SERAP has urged the Senate President to direct the committee to conduct its work with full openness, including by disclosing audit reports, financial records, and official communications, as well as publishing the names and designations of all individuals and entities under investigation, regardless of their social or political standing.
The organisation further called for the complete records of the committee’s proceedings to be made available, along with clear timelines for the appearance of witnesses and the conclusion of the inquiry.
“The magnitude of the sum, combined with the NNPCL’s history of opaque practices, underscores the urgency of a thorough, impartial, and transparent investigation,” the letter stated.
“Allowing these allegations to be ignored, delayed, or politicised risks normalising impunity and diminishes the public’s right to know how national wealth is being managed.”
The NNPCL, which manages Nigeria’s primary source of revenue, has long faced criticism over a lack of transparency in its financial and operational activities. SERAP emphasised that the company’s central role in the nation’s economy demands full accountability.
The organisation’s demands are rooted in Nigerian constitutional provisions requiring the abolition of corrupt practices, as well as international frameworks such as the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights, which enshrine the right to transparent management of natural resources.
SERAP warned that without proactive disclosure, the public would be left to question whether the investigation was being shaped by political considerations, raising the risk of a perceived cover-up.
The group has given the Senate President seven days to comply with its requests before it proceeds with legal action.
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