SERAP Gives Senate Ultimatum Over Missing ₦210 Trillion NNPCL Funds

The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President Godswill Akpabio to compel the Senate’s Public Accounts Committee to publicly disclose the identities of officials implicated in the alleged ₦210 trillion discrepancies in the accounts of the Nigerian National Petroleum Company Limited (NNPCL).

In a letter dated March 21, 2026, and signed by its Deputy Director, Kolawole Oluwadare, the organisation urged the Senate leadership to ensure transparency by publishing the names and designations of all those under investigation, irrespective of their political or social standing.

SERAP also pressed for the release of comprehensive details of the ongoing probe, including audit reports, financial records, official communications, and timelines for hearings and the conclusion of the investigation.

The group further demanded that full records of the committee’s proceedings, such as minutes, submissions, and evidence, be made public to allow independent scrutiny by Nigerians.

The Senate committee is currently probing audit findings covering 2017 to 2023, which reportedly revealed about ₦210 trillion in entries that lawmakers say were either missing or not properly reconciled. The disputed figures include approximately ₦103 trillion linked to joint venture costs and operational expenses, and about ₦107 trillion categorised as receivables, subsidies, and other obligations.

SERAP warned that the credibility of the investigation hinges on openness, noting that the magnitude of the alleged discrepancies and the NNPCL’s long-standing reputation for opacity have heightened public concern.

According to the organisation, failure to ensure transparency could fuel perceptions of a cover-up or political interference.

The group criticised delays in the investigative process, citing repeated failures by some officials to honour invitations from the committee or provide satisfactory explanations.

It said such setbacks risk undermining public confidence and could lead to the loss or distortion of critical evidence.

SERAP further argued that proactive disclosure of all relevant information would enable Nigerians and oversight institutions to objectively assess the allegations and determine their accuracy.

It stressed that accountability in the management of public funds is essential to safeguarding the country’s economic future.

Invoking constitutional and international legal frameworks, the organisation noted that Section 15(5) of the 1999 Constitution mandates public institutions to combat corruption, while Section 85(5) empowers the National Assembly to summon individuals and demand documents for oversight purposes.

It also referenced provisions of the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights to reinforce its position on transparency and accountability.

SERAP gave the Senate a seven-day ultimatum to act on its recommendations, warning that it would pursue legal action if the demands are not met.