The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President Godswill Akpabio to direct the Senate’s Public Accounts Committee to publish the identities of officials implicated in the alleged ₦200 trillion missing or unaccounted for from the Nigerian National Petroleum Company Limited (NNPCL).
SERAP urged that the names and designations of all those involved be made public, regardless of their political or social standing, to ensure accountability and transparency.
The organisation also requested that details of the ongoing investigation be widely disclosed, including audit reports, financial records, and official communications relied upon by the committee. It further asked for clear timelines indicating when affected officials would appear before the panel and when the probe would be concluded.
Additionally, SERAP called for the full publication of proceedings, including minutes, submissions, and evidence presented, to allow Nigerians to independently examine the process and findings.
The Senate Public Accounts Committee is currently probing claims that about ₦200 trillion is missing from NNPCL accounts between 2017 and 2023. The panel has raised concerns over discrepancies in financial records and insufficient documentation, while several officials have reportedly failed to honour invitations or provide satisfactory explanations.
In a letter dated March 21, 2026, and signed by its Deputy Director, Kolawole Oluwadare, the organisation stressed the need for openness.
“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,” the letter stated.
SERAP further noted that the credibility of the allegations—whether fully accurate or exaggerated—depends on how transparent the Senate is in handling the probe.
“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,” it added.
According to the organisation, transparency would eliminate suspicions of a cover-up and ensure the facts are clearly established.
“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 letter read.
SERAP warned that the scale of the alleged missing funds, coupled with NNPCL’s history of opaque operations, makes a thorough and impartial investigation urgent.
“The magnitude of the sum, combined with the NNPCL’s history of opaque practices, underscores the urgency of a thorough, impartial, and transparent investigation,” it stated.
The organisation cautioned that ignoring or politicising the allegations could encourage impunity and weaken public trust in how national resources are 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,” it said.
SERAP gave a seven-day ultimatum for action, warning that failure to respond could result in legal steps to compel compliance in the public interest.
“We would be grateful if the recommended measures are taken within 7 days… If we have not heard from you by then, SERAP shall take all appropriate legal actions,” the group stated.
The organisation also criticised delays in the investigation, noting repeated adjournments and the failure of some officials to appear before the committee.
“The ongoing probe… has been dragging for an extended period… Such delays undermine public confidence in the investigative process and create the risk of key evidence being lost or distorted,” it added.
SERAP emphasised that the NNPCL has long faced scrutiny over limited transparency in its financial dealings, which it said has hindered effective public oversight and created opportunities for mismanagement.
Despite multiple invitations and ultimatums, several officials linked to the audit queries have reportedly failed to honour summons or provide adequate responses, further raising concerns about accountability in the management of Nigeria’s oil revenue.
What you should know
SERAP’s demand highlights growing concerns over transparency in Nigeria’s oil sector, particularly involving the NNPCL.
The alleged ₦200 trillion discrepancy, if proven, would represent one of the largest financial accountability issues in the country’s history.
The Senate’s handling of the probe will be crucial in restoring public trust, as delays and non-compliance by officials continue to raise suspicions about governance, oversight, and the management of national resources.
