June 22, 2024
Suit 25, Mangal Plaza, Nouakchott Street, Wuse Zone 1, Abuja- Nigeria.

SERAP Drags NNPCL to Court Over Alleged Missing Oil Revenues

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPC) for its alleged failure to account for and explain the whereabouts of approximately $2.04 billion and N164 billion in oil revenues.

Energy Afrique recalls that in December 2023, SERAP initiated a lawsuit against NNPCL over its alleged failure to disclose critical information about Nigeria’s daily oil production, exportation, and total revenues generated since the removal of the petrol subsidy in May 2023.

In a statement released by SERAP’s Deputy Director, Kolawole Oluwadare, the organization disclosed that it filed suit number FHC/ABJ/CS/549/2024 last Friday at the Federal High Court in Abuja.

The legal action comes in response to revelations outlined in the 2020 audited report by the Auditor-General of the Federation, suggesting that the NNPC has not remitted the said amount into the Federation Account.

SERAP Files Lawsuit Against NNPC for Failure to Disclose Oil Production and Revenue Details

SERAP is seeking an order of mandamus to compel the NNPC to provide a detailed account of the missing oil revenues as highlighted in the Auditor-General’s report.

Furthermore, SERAP has urged the NNPC to cooperate with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) in investigating and prosecuting those suspected of wrongdoing.

The organization emphasized the importance of recovering and remitting the missing funds into the Federation Account to uphold principles of transparency and accountability.

Expressing concern over the implications of the missing oil revenues, SERAP stated that the funds could have been allocated to improve Nigerians’ economic and social welfare, particularly amidst a period of economic hardship.

The organization condemned the impact of the missing funds on citizens’ access to essential public services and goods, asserting that it violates the Nigerian Constitution.

In its argument, SERAP emphasized the public interest in obtaining detailed information about the disappeared funds and underscored the NNPC’s legal obligation to provide such information.

The organization warned that without the recovery and remittance of the missing funds, the nation’s economic challenges could exacerbate, further depriving Nigerians of basic necessities.

According to SERAP, the Auditor-General of the Federation has repeatedly highlighted instances of missing public funds from the NNPC, raising concerns about potential diversion for private gain.

Specifically, the NNPC allegedly failed to remit N151,121,999,966, which was deducted from oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR), now known as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). As of now, no date has been set for the hearing of the lawsuit.

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