SERAP sues NNPC over ‘missing $2.04bn, N164b oil revenues’

The NNPC is Nigeria’s national oil company.

SOCIO-ECONOMIC Rights and Accountability Project (SERAP) has sued Nigerian National Petroleum Company (NNPC) Limited at the Federal High Court sitting in Abuja over failure to account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.

The suit followed 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 the money might have been diverted.

In the suit, numbered FHC/ABJ/CS/549/2024 and filed at the weekend, SERAP is seeking an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing oil revenues, as documented in a report by the Auditor-General.

The body is seeking 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.

SERAP is also seeking 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 organisation argues 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 $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,” SERAP argues.

In the suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, the organisation said the alleged missing oil revenues reflect a failure of NNPCL accountability, 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.