The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Godswill Akpabio to “direct the Senate’s Public Accounts Committee to publish the names and designations of all officials implicated in the alleged ₦200 trillion missing or unaccounted for from the Nigerian National Petroleum Company Limited (NNPCL), regardless of their social or political status.”
SERAP urged him to “direct the Committee to widely disclose details of the ongoing investigation, including audit reports, financial records, and official communications relied upon by the Committee, as well as the timelines for when any implicated officials should appear before it and for the conclusion of the investigation.”
SERAP also urged him to “direct the Public Accounts Committee to widely publish the complete records of the proceedings, including minutes, submissions, and evidence presented, to ensure transparency and enable Nigerians to independently scrutinise the evidence and process.”
The Public Accounts Committee is investigating allegations that about ₦200 trillion is missing from NNPCL’s accounts between 2017 and 2023. The Committee has raised concerns over unreconciled figures and lack of supporting documentation, yet several officials have failed to appear or provide satisfactory explanations.
In the letter dated 21 March 2026 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said: “Full disclosure of the ongoing investigation is essential to ensure transparency and accountability, prevent political interference, and allow Nigerians to independently scrutinise the facts and investigation.”
SERAP said: “The allegations that ₦200 trillion is missing or unaccounted for, whether fully accurate or partly overstated, can only be taken seriously by Nigerians if the Senate is fully transparent in its ongoing investigation regarding the credibility, plausibility, and accuracy of the claims.”
According to SERAP, “Transparency regarding the ongoing investigation would prevent any perception of a cover-up or political compromise, and ensure that the facts are clearly established.”
The letter, read in part: “Providing complete and verifiable information would allow the public and oversight institutions to assess the situation objectively and determine where the truth lies regarding the allegations.”
“The magnitude of the sum, combined with the NNPCL’s history of opaque practices, underscores the urgency of a thorough, impartial, and transparent investigation.”
“Allowing these allegations to be ignored, delayed, or politicized risks normalising impunity and diminishes the public’s right to know how national wealth is being managed.”
“There is a legitimate public interest in ensuring that all discrepancies are fully examined and that those responsible are identified and held to account, as part of a broader effort to strengthen governance and protect the nation’s economic future.”
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the Senate to comply with our request in the public interest.”
“The ongoing probe by the Public Accounts Committee into the alleged missing ₦200 trillion from the NNPCL has been dragging for an extended period, with repeated delays in the appearance of officials and slow progress in reconciling the disputed figures.”
“Such delays undermine public confidence in the investigative process and create the risk of key evidence being lost or distorted.”
“It is imperative that the Committee promptly concludes its investigation in a timely and transparent manner, with clear timelines for the appearance of implicated individuals and the publication of findings, so that accountability is achieved and Nigerians are able to fully understand the outcome.
“The NNPCL has long operated with significant opacity in its financial and operational activities, which has repeatedly limited public oversight and created fertile ground for corruption, mismanagement or misreporting.”
“Given the central role of the NNPCL in managing Nigeria’s primary source of revenue, the company ought to be held fully accountable for all funds under its stewardship.”
“Transparency in the operations of the NNPCL is a matter of public interest and public trust. Failure to ensure accountability regarding the allegations undermines confidence in the management of the country’s resources and increases the risk of financial impropriety going unchecked.”
“Given the scale of the figures involved and the public importance of the NNPCL, there have been growing calls for full disclosure of all relevant records, evidence and explanations to enable independent scrutiny by Nigerians.”
“Public institutions such as the Senate, exercising oversight over national resources, must do so in a manner that is transparent, accountable, and open to public scrutiny.”
“Proactive disclosure of the audit reports, financial records, and official communications relied upon by the Committee would enable Nigerians to independently assess the credibility of the allegations and the integrity of the investigative process.”
“Publishing the names and designations of all officials and entities under investigation, regardless of status or influence, is critical to reinforcing the principle of equality before the law and preventing any perception of selective accountability.”
“Transparency in this regard would help build public confidence that the investigation is not being shaped by political considerations or undue influence.”
“Similarly, making available the full records and transcripts of the Committee’s proceedings—including minutes, submissions, and evidence—would ensure that the process is subject to informed public oversight and reduce the risk of misrepresentation, suppression of facts, or post hoc alterations to the record.”
“Disclosure of the terms of reference, scope, and methodology of the investigation would also clarify the parameters within which the Committee is operating.”
“Without this information, it is difficult for the public to determine whether the inquiry is sufficiently comprehensive, impartial, and capable of addressing the issues raised by the audit findings.”
“Clear timelines for the appearance of individuals under investigation and for the completion of the inquiry, would also promote efficiency, prevent undue delays, and signal a genuine commitment to resolving the matter in a credible manner.”
“The publication of the information requested would serve as a safeguard against any potential cover-up or political compromise and would help to ensure that the outcome of the investigation reflects the truth of the matter.”
“By directing the Public Accounts Committee to act in accordance with these principles, the Senate leadership would be taking a decisive step toward strengthening accountability, restoring public trust, and upholding the rule of law.”
“Section 15(5) of the Nigerian Constitution 1999 [as amended] requires public institutions, including the Senate, to abolish all corrupt practices and abuse of power.”
“Section 85(5) empowers the National Assembly, through its committees, to summon any person or authority to provide information, documents, or explanations necessary for legislative oversight, including compelling attendance at hearings to ensure accountability, transparency, and proper scrutiny of public institutions.”
“Articles 5 and 9 of the UN Convention against Corruption require the Senate to ensure transparency and proper management of public funds.”
“Article 21 of the African Charter on Human and Peoples’ Rights recognises the right of peoples to freely dispose of their natural resources and provides that the misappropriation of such resources gives rise to the right of recovery and compensation.”
“According to our information, the ongoing investigation by the Senate’s Public Accounts Committee was triggered by audit findings covering the period from 2017 to 2023, which highlighted about ₦210 trillion in entries within the accounts of the NNPCL that lawmakers said were not properly reconciled or explained.”
“The committee’s review focused on two broad categories: roughly ₦103 trillion recorded as joint venture costs and operational expenses, and about ₦107 trillion classified as receivables, subsidies, and other financial obligations.”
“The Committee raised concerns that the figures, as presented in audit reports, lacked sufficient supporting documentation and clarity, prompting questions about the accuracy and completeness of NNPCL’s financial records.”
“In response, the Public Accounts Committee summoned current and former NNPCL officials to provide explanations and supporting evidence for the disputed figures. Lawmakers described several of the company’s submissions as inconsistent or unsatisfactory and indicated the need for further scrutiny.”
“The proceedings remain ongoing, with the committee seeking to reconcile the accounts, determine whether the discrepancies stem from accounting complexities or misreporting, and establish if any financial impropriety occurred.”
“Despite repeated invitations and ultimatums issued by the committee, NNPCL and several of the officials identified in the audit queries have reportedly failed to appear before the panel or provide comprehensive explanations addressing the concerns raised.”
“This non-compliance has heightened tensions between the legislature and the NNPCL, and raised concerns and unresolved issues about transparency and accountability in the management of the country’s natural wealth and resources.”
