Missing N200trn in NNPCL: SERAP advises Senate to ensure transparency in its investigation
The Socio-Economic Rights and Accountability Project (SERAP) has advised the Senate to ensure transparency in its ongoing investigation into alleged missing ₦200 trillion from the Nigerian National Petroleum Company Limited (NNPCL).
It urged the Senate President, Godswill Akpabio, to direct the Public Accounts Committee of the Senate to disclose all details of the investigation.
It particularly requested the Senate Committe to disclose details of the audit reports, financial records, official communications, and committee proceedings, including minutes, submissions, and evidence presented.
SERAP made the requests in a letter signed by SERAP Deputy Director Kolawole Oluwadare, and dated March 21, 2026.
The letter reads: “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 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.
“Transparency regarding the ongoing investigation would prevent any perception of a cover-up or political compromise, and ensure that 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 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 normalizing 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.
“Transparency in this regard would help build public confidence that the investigation is not being shaped by political considerations or undue influence.
“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.”
