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By Philip Nwosu
The Socio-Economic Rights and Accountability Project has called on the Senate President, Godswill Akpabio, to direct the senate’s public accounts committee to publish the names and designations of officials implicated in the alleged ₦200 trillion missing or unaccounted for from the Nigerian National Petroleum Company Limited (NNPCL).
In a statement by its Deputy Director, Kolawole Oluwadare, the organisation urged the Senate leadership to ensure full disclosure of the details surrounding the ongoing investigation.
SERAP specifically requested that the Committee make public the audit reports, the financial records, the official communications and the timelines for the appearance of implicated individuals, as well as the expected conclusion of the probe.
The group also called for the publication of complete records of proceedings, including minutes, submissions and evidence presented to enable Nigerians to independently scrutinise both the process and findings.
The senate’s public accounts committee is currently probing allegations that about ₦200 trillion could not be properly accounted for in NNPCL’s financial records between 2017 and 2023. Lawmakers have raised concerns over unreconciled figures and insufficient supporting documentation, while several officials reportedly failed to honour invitations or provide satisfactory explanations.
SERAP stressed that transparency is critical to ensuring credibility in the investigation.
“Full disclosure of the ongoing investigation is essential to ensure transparency and accountability, prevent political interference and allow Nigerians to independently scrutinise the facts,” the organisation stated.
It added that regardless of whether the figures are fully accurate or partly overstated, only a transparent process would convince Nigerians of the credibility of the probe.
The organisation warned that any perception of secrecy could fuel suspicions of a cover-up or political compromise, undermining public confidence in the Senate’s oversight role.
Highlighting the scale of the alleged discrepancies, SERAP noted that the magnitude of the ₦200 trillion figure, combined with longstanding concerns about opacity in the NNPCL’s operations, underscores the need for a thorough and impartial investigation.
The group further cautioned that delays in the probe, particularly the failure of some officials to appear before the committee, risks eroding public trust and could lead to the loss or distortion of critical evidence.
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According to SERAP, timely conclusion of the investigation, alongside clear timelines and public disclosure of findings, is necessary to ensure accountability and restore confidence in the management of Nigeria’s resources.
The organisation also emphasised the broader implications of the probe, noting that the NNPCL plays a central role in managing the country’s primary source of revenue.
“Transparency in the operations of the NNPCL is a matter of public trust. Failure to ensure accountability undermines confidence and increases the risk of financial impropriety going unchecked,” it said.
SERAP urged the Senate to publish the terms of reference, scope and methodology of the investigation, arguing that such disclosure would allow Nigerians to assess whether the inquiry is comprehensive and impartial.
It also called for the publication of names of all officials and entities under investigation, stressing that this would reinforce the principle of equality before the law and prevent selective accountability.
“Making available the full records and transcripts of proceedings would ensure the process is subject to informed public oversight and reduce the risk of suppression or alteration of facts,” the organisation added.
The group gave the Senate a seven-day deadline to act on its recommendations, warning that it would initiate legal action in the public interest if there was no response.
SERAP anchored its demands on relevant legal frameworks, including provisions of the 1999 Constitution, the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights, which mandate transparency, accountability and proper management of public resources.
The ongoing investigation was triggered by audit findings covering 2017 to 2023, which reportedly identified about ₦210 trillion in entries within the NNPCL’s accounts that were not adequately reconciled.
The figures under scrutiny include approximately ₦103 trillion recorded as joint venture costs and operational expenses and about ₦107 trillion classified as receivables, subsidies and other financial obligations.
While the probe continues, tensions remain between the Senate and the NNPCL, amid concerns over non-compliance by some officials and lingering questions about transparency in the management of Nigeria’s oil revenues.
