SERAP Demands Full Disclosure in N200tn NNPCL Probe
The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to Senate President Godswill Akpabio to open the books on a staggering ₦200 trillion investigation. The Senate Public Accounts Committee is currently scrutinising allegations of “missing or unaccounted funds” within the Nigerian National Petroleum Company Limited (NNPCL) covering the period between 2017 and 2023. SERAP demands the immediate publication of the names and designations of all implicated officials, insisting that no “social or political status” should shield them from public scrutiny.
The figures under review are astronomical. The discrepancy reportedly involves ₦103 trillion in joint venture and operational costs, alongside another ₦107 trillion tied to receivables, subsidies, and other financial obligations. SERAP’s deputy director, Kolawole Oluwadare, warned in a letter dated 21 March 2026 that the investigation has “dragged on for an extended period.” Repeated delays in the appearance of NNPCL officials have fueled fears that key evidence is being lost or distorted. For the public, these delays look less like due process and more like a deliberate stall.
Transparency is the only antidote to the perception of a political cover-up. SERAP is calling for the release of all audit reports, financial records, and committee minutes associated with the probe. The organisation argues that Nigerians have a constitutional right to independently assess the credibility of these claims. Given the NNPCL’s historical reputation for opaque accounting, a closed-door inquiry will likely fail to restore public trust. Full disclosure would allow for objective scrutiny rather than partisan speculation.
Several current and former NNPCL officials have reportedly snubbed the committee or provided “unsatisfactory” explanations for the missing trillions. This defiance suggests a culture of impunity that the Senate has yet to break. By setting clear, public timelines for appearances and the conclusion of the inquiry, the Senate can demonstrate its commitment to oversight. SERAP maintains that the magnitude of the sum, whether fully accurate or partly overstated, demands an impartial and visible accounting.
The legal framework for this demand is rooted in the Nigerian Constitution and international anti-corruption treaties. Section 15(5) of the Constitution obliges the state to abolish all corrupt practices, while the UN Convention against Corruption demands transparency in the management of national wealth. SERAP has made it clear that if the Senate does not comply within seven days, legal action will follow. The group aims to compel the National Assembly to exercise its summons powers under Section 85(5) with greater vigour and visibility.
Nigeria cannot afford to normalise the disappearance of sums that dwarf its annual national budgets. If ₦200 trillion is truly unaccounted for, it represents a systemic failure of the highest order. The Senate’s investigation must move beyond reconciled figures and hidden memos into the light of public record. Accountability is not just about finding the money; it is about proving that the institutions designed to guard national wealth are still functional.