SERAP sues NNPC over alleged missing $2.04bn, N164bn revenues

The Socio-Economic Rights and Accountability Project (SERAP) has sued the NNPCL over the alleged “failure to account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.” The suit followed the allegations documented in the recently published 2020 audited report by the Auditor-General for the Federation that the NNPC […]

The Socio-Economic Rights and Accountability Project (SERAP) has sued the NNPCL over the alleged “failure to account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.”

The suit followed the allegations documented in the recently published 2020 audited report by the Auditor-General for the Federation that the NNPC failed to remit the money into the Federation Account.

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

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SERAP said the missing oil revenues had further damaged the nation’s precarious economy and contributed to high levels of deficit spending by the government.

It said without the full recovery and remittance of the “missing” revenues, the dire economic situation might worsen and Nigerians would continue to be denied access to basic public goods and services.

The suit filed on behalf of SERAP 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.”

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