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SERAP Demands Accountability from NNPC Over Alleged Missing Funds

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By Adenike Lawal

The Socio-Economic Rights and Accountability Project (SERAP), has called on Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), to account for the alleged misappropriation of N825 billion and $2.5 billion linked to refinery rehabilitation and other expenditures.

In a letter referencing findings from the Auditor General of the Federation’s 2021 report, released on November 27, 2024, SERAP urged Kyari to identify those responsible and refer them to the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Economic and Financial Crimes Commission (EFCC).

SERAP also suggested inviting former President Olusegun Obasanjo to inspect Nigeria’s refineries, with oversight from EFCC and ICPC officials at facilities in Port Harcourt and Warri.

The organization gave NNPC seven days to respond, warning of legal action to enforce compliance.

The Auditor General’s report cited by SERAP highlights over N825 billion in unaccounted refinery repair funds, crude oil deductions between 2020 and 2021, and irregularities in domestic crude sales and royalty payments.

It also points to billions in unremitted revenues from joint ventures and outstanding debts by marketers, raising concerns over financial mismanagement at NNPC.

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Economy

Tinubu Nominates Oyedele as Minister of State for Finance

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By Patrick Idowu

President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as Minister of State for Finance, replacing Dr Doris Uzoka-Anite.

In a letter to Senate President Godswill Akpabio, the President sought the Senate’s confirmation of Oyedele’s appointment. Uzoka-Anite has been redeployed to the Ministry of Budget and National Planning as Minister of State.

Oyedele, from Ikaram-Akoko in Ondo State, was until his nomination the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led major reforms of Nigeria’s tax system.

An economist and accountant, Oyedele holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University.

He has attended executive programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

He spent 22 years at PwC, rising to Fiscal Policy Partner and Africa Tax Leader. Oyedele is also a professor at Babcock University and a visiting scholar at Lagos Business School.

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News

Do Not Trust INEC Technology Deployment, Sam Amadi Warns

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By Omoniyi David

Director of the Abuja School of Social and Political Thought, Dr Sam Amadi, has urged Nigerians not to place confidence in the Independent National Electoral Commission’s deployment of technology.

Amadi spoke at the Citizens Town Hall Meeting on Electoral Act 2026 in Abuja, where he called for a bipartisan audit commission to review INEC’s technological systems. He said controversies surrounding the 2023 general elections remain unresolved.

“We finished the 2023 election with so many allegations and issues,” he said, criticising the National Assembly for failing to conduct a comprehensive public hearing. He noted that key officials were not put on oath to explain what transpired.

Amadi insisted that electoral accountability is vital to restoring public trust, warning that without an independent audit of INEC’s technological infrastructure, confidence in the electoral process will remain fragile.

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Crime

ICPC Recovers Alleged Wiretapping Devices from El Rufai Home, Secures 14 Day Detention Order

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By Omoniyi David

The Independent Corrupt Practices and Other Related Offences Commission said it recovered suspected wiretapping devices and sensitive security documents from the Abuja residence of former Kaduna State governor Nasir el Rufai.

The commission disclosed that a Magistrate Court in Bwari, Federal Capital Territory, granted a 14 day detention order to allow investigators conclude their probe.

According to the agency, electronic equipment capable of intercepting phone conversations was discovered during a search at el Rufai’s Asokoro home. Officials also said documents described as sensitive to national security were recovered.

The ICPC dismissed claims that the former governor was being unlawfully detained or politically targeted, insisting that due process was followed.

In filings before the Federal Capital Territory High Court, the commission urged the court to dismiss el Rufai’s suit alleging violation of his fundamental rights, maintaining that its actions were lawful and necessary for a thorough investigation.

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