The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company (NNPC) Limited, filing a lawsuit over the alleged failure to account for and explain the disappearance of billions in oil revenues.
The suit, numbered FHC/ABJ/CS/549/2024, was lodged at the Federal High Court in Abuja, seeking transparency and accountability from the NNPC regarding the missing funds.
According to SERAP, the lawsuit stems from revelations in the 2020 audited report by the Auditor General of the Federation, which highlighted the NNPC’s failure to remit USD$2.04 billion and N164 billion into the Federation Account, raising concerns of possible diversion.
In the suit, SERAP seeks “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing oil revenues,” emphasizing the public interest in disclosing these details and holding the NNPC accountable.
Kolawole Oluwadare and Kehinde Oyewumi, lawyers representing SERAP, underscored the importance of transparency and accountability, stating, “The alleged missing oil revenues reflect a failure of NNPC accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
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The lawsuit also demands that the NNPC hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.
SERAP argues that the missing oil revenues have exacerbated Nigeria’s economic challenges, contributing to deficit spending and depriving citizens of essential public goods and services.
Highlighting specific instances of alleged mismanagement, SERAP pointed out that the NNPC failed to remit N151,121,999,966 deducted from oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR), now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Furthermore, the NNPC reportedly failed to account for USD$19,774,488.15 collected as government revenue and USD$2,021,411,877.47 and N13,313,565,786.49 of royalties from crude oil and gas sales and gas flare, according to the Auditor General’s report.
Also, SERAP urged the NNPC to ensure the full recovery and remittance of the missing funds into the Federation Account, emphasizing the need for transparency and accountability in managing public resources.
As the legal battle unfolds, Nigerians await the outcome, hoping for accountability and justice in the management of the country’s oil revenues.