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Account For Missing N500Billion Or Face Legal Action, SERAP Tells NNPCL CEO, Ojulari

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According to the World Bank, this sum was not remitted to the Federation Account between October and December 2024.

The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Bayo Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, to provide clarification regarding the missing N500 billion.

According to the World Bank, this sum was not remitted to the Federation Account between October and December 2024.

 

SERAP is urging accountability and transparency in addressing this financial discrepancy.

SERAP urged Mr Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”

 

SERAP also urged Mr Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.

 

Last week, the World Bank disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted N600 billion, leaving a deficit of N500 billion unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.

 

In the Freedom of Information request dated 17 May 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’

“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”

 

According to SERAP, Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account.

 

“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 consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest,” the letter read in part.

“Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services,” it read.

 

“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing N500 billion of oil revenue.”

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Troops hit Boko Haram hideouts in Borno, kill fighters

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Troops under the 7 Division, Sector 1 of Operation Hadin Kai have dealt another blow to Boko Haram, storming their strongholds in Tangalanga and Bula Marwa, both in Borno State.

According to details obtained by Zagazola Makama from military sources familiar with the mission, the operation was executed on Sunday, July 7, following “credible intelligence reports indicating the presence and activities of terrorist elements in the general area.”

The troops, acting swiftly on the information, first moved into Tangalanga where they came under attack but quickly responded, killing two insurgents during the engagement. The team didn’t stop there.

“After receiving intelligence on the massing up of terrorists within the location,” the sources said, “the team proceeded towards Bula Marwa.”

As soldiers approached the second target, Bula Marwa, the insurgents reportedly fled into the surrounding terrain in a bid to escape. However, their retreat was not entirely successful.

“One fleeing insurgent was neutralized during pursuit, while several special structures within the camp were destroyed,” a source confirmed.

Despite the tense situation and armed confrontation, the troops are said to have completed the mission without recording any casualties on their side — a significant morale boost for the ongoing counterinsurgency efforts in the region.

Recovered from the operation were key items, including aix AK-47 magazines, 90 rounds of 7.62mm special ammunition, and a Boko Haram flag.

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BREAKING NEWS: Imo Govt Demolishes Notorious Criminal Hideout at Nekede No. 1 by Imo ADP

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By Ambrose Nwaogwugwu, July 07, 2025.

In a bold and decisive move, the Imo State Government has continued its onslaught against criminality by demolishing a notorious hideout located at Nekede Number One, near the Imo ADP. The structure, long suspected to be a base for armed robbery and heinous organ harvesting operations, was brought down earlier today under the supervision of government security operatives and task force agents.

According to sources within the Governor’s Monitoring and Compliance Unit, the location had been under surveillance following multiple intelligence reports linking it to violent crimes, including coordinated robberies, drug trafficking, and suspected ritual killings involving human organs.

“This location was not just a criminal den; it was a grave threat to public safety and human dignity,” said an official involved in the operation. “Our government will not allow any part of the state to become a breeding ground for evil.”

Residents in the area had reportedly lived in fear for months, as the structure harbored criminals and served as a meeting point for underworld elements. Eyewitnesses described scenes of relief as the bulldozers rolled in and leveled the compound.

“I can finally sleep with my two eyes closed,” said one local resident who asked not to be named. “We’ve known for long that something very dark was happening there. We thank the state government for taking this action.”

Preliminary investigations are ongoing, and several suspects were said to have been apprehended during the raid. Authorities have assured the public that a full-scale investigation will follow, and all those involved in the criminal enterprise will be brought to justice.

This demolition is part of the Imo State Government’s renewed campaign to cleanse the state of criminal syndicates and restore law and order across all localities. In recent weeks, similar crackdowns have been executed in other parts of the state, drawing commendation from security stakeholders and the general public.

The state government has reaffirmed its commitment to making Imo safe for residents, investors, and visitors alike.

More updates to follow.

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Court Jails Nine Chinese for Cyber-terrorism, Internet Fraud

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Justice D. E.Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, July 7, 2025, convicted and sentenced nine Chinese to one year imprisonment each for cyber-terrorism and internet fraud.

The convicts are Qin Xiao Yong, Luo Mao Yang, Liu Ni Ni, Liu Gang, Sun Qi (a.k.a Wan Jin Ping), Zhang Juan, Li de Wen, Fun Min, Tan Ming.

They are among the syndicate of 792 alleged cryptocurrency investment and romance fraud suspects arrested on December 19, 2024, in Lagos during a sting operation tagged ‘Eagle Flush Operation’ conducted by EFCC operatives.

They were subsequently arraigned on a separate one -count charge of cyber- terrorism and internet fraud in February 2025 by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC.

 

The charge reads: “ That you, Qin Xiao Yong, Luo Mao Yang, Liu Ni Ni, Liu Gang, Sun Qi (a.k.a Wan Jin Ping), Zhang Juan, Li de Wen, Fun Min, Tan Ming, sometime in December, 2024 at Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit an offence to wit: cause to be accessed computer system used for the purpose of destabilising and destroying the economy and social structure of Nigeria and thereby committed an offence contrary to Section 27 (1) (b) and punishable under Section 18(1) of the Cybercrimes (Prohibition, Prevention, Etc) Act 2015.”

They initially pleaded “not guilty” to the charge preferred against them.

However, at Monday’s sitting, they changed their “not guilty plea” to “guilty.”

In view of their pleas, prosecution counsel, R.A. Abdulrasheed, prayed the court to convict them accordingly.

Consequently, Justice Osiagor convicted and sentenced each of the defendants to one year imprisonment starting from the date of arrest on December 10, 2025, with a fine in the sum of N1,000,000 (One Million Naira (N1,000,000.00).

The judge also directed the Comptroller General of Immigration to ensure that the convicts are repatriated to their country of origin within seven days.

The judge further ordered that the mobile phones, computers, laptop computers and routers seized from them at the time of arrest be forfeited to the Federal Government of Nigeria.

Economic and Financial Crimes Commission

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