By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its failure to account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil earnings.
The suit filed on behalf of SERAP by its lawyers, Mr Kolawole Oluwadare and Ms Kehinde Oyewumi, noted that, “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 suit followed the allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the money into the Federation Account, saying that the money may have been diverted.
In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is seeking an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing $2.04 billion and N164 billion oil revenues, as documented in a report by the Auditor-General.
SERAP requested “an order of mandamus to compel 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.”
It also sought “an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing $2.04 billion and N164 billion into the Federation Account.”
In the suit, the group argued that there is a legitimate public interest in providing the details sought, emphasising that 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,” the organisation claimed.
According to SERAP, “the Auditor-General has for many years documented reports of the disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.”
It said the state-owned oil firm also failed to remit $19,774,488.15 collected as government revenue into the Federation Account, adding that the NNPC Limited also reportedly failed to account for $2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.