SERAP sues NNPCL over failure to account for ‘missing $2.04bn, N164bn oil revenues

The Socio-Economic Rights and Accountability Project, SERAP, has sued the Nigerian National Petroleum Company, NNPC Limited, over its failure to account for alleged missing USD$2.04 billion and N164 billion oil revenues.

In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is asking for an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account.”

It is also seeking an order compelling the NNPC to hand over suspected perpetrators of the crime to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.

SERAP is contending that there is a legitimate public interest in providing the details sought.

The NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.”

“The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government.

“Without the full recovery and remittance of the missing USD$2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”

BAR & BENCH WATCH reports that the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC.

Nigerians continue to bear the brunt of these missing oil revenues.

The suit filed on behalf of the group by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, read in part: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.

“The failure by the NNPC to account for and explain the whereabouts of the disappeared money is a grave violation of the provisions of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption.

No date has been fixed for the hearing of the suit.