The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPC) over the alleged disappearance of N3.1 trillion ($2.04 billion) and N164 billion in oil revenues.
The Punch reports that in a lawsuit filed at the Federal High Court in Abuja with suit number FHC/ABJ/CS/549/2024, SERAP is seeking “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in a report by the Auditor-General.”
This legal action comes in the wake of the allegations in the 2020 audited report by the Auditor-General of the Federation, suggesting that the NNPC failed to remit the funds into the Federation Account, potentially diverting them instead.
Kolawole Oluwadare, the Deputy Director of SERAP, stated in a release made available to PUNCH Online on Sunday, that SERAP is urging the NNPC to “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,” and “ensure the full recovery and remittance” of the missing funds into the Federation Account.
The lawsuit argues that the failure to account for the missing oil revenues violates the principles of transparency and accountability and the Nigerian Constitution 1999 [as amended].
SERAP emphasized that the missing oil revenues have impeded Nigerians’ ability to enjoy their economic and social rights and denied them access to essential public goods and services, especially during the country’s ongoing cost-of-living crisis.
The Auditor-General of the Federation has reportedly documented numerous instances of disappearing public funds from the NNPC over the years. SERAP highlighted that the NNPC failed and/or refused to remit N151,121,999,966, among other discrepancies.
No date has been fixed for the hearing of the suit.