NNPC Under Fire: Lawsuit Filed Over Unaccounted $2 Billion And ₦164 Billion Oil Revenue

NNPC Under Fire: Lawsuit Filed Over Unaccounted $2 Billion And ₦164 Billion Oil Revenue....KINDLY READ THE FULL STORY HERE▶

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company (NNPC) Limited, alleging its failure to provide an account for the purportedly missing $2.04 billion and ₦164 billion oil revenues. This move comes in response to the revelations outlined in the 2020 audited report by the Auditor General of the Federation, indicating NNPC’s purported failure to remit the funds into the Federation Account (FAAC), suggesting possible diversion.

The lawsuit, filed by SERAP through its legal representatives, Kolawole Oluwadare and Kehinde Oyewumi, was lodged last Friday at the Federal High Court in Abuja, bearing the number FHC/ABJ/CS/549/2024.

In its petition, SERAP seeks a mandamus order to compel NNPC to disclose the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues as highlighted in the Auditor-General’s report. Additionally, SERAP demands that NNPC surrender 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. Furthermore, SERAP seeks an order mandating NNPC to ensure the complete recovery and remittance of the missing funds into the FAAC.

SERAP contends that there exists a significant public interest in revealing the requested details, emphasizing NNPC’s legal obligation to account for and elucidate the fate of the vanished funds. The organization underscores the detrimental impact of the missing oil revenues on the already fragile national economy, exacerbating deficit spending by the government and impeding access to essential public services and goods for Nigerians.

Over the years, SERAP notes, the Auditor-General has consistently reported instances of public funds disappearance within NNPC, with Nigerian citizens bearing the brunt of these losses. The lawsuit points to NNPC’s systemic failure to uphold transparency and accountability principles, as evidenced by its alleged mismanagement of oil revenues.

Among the cited discrepancies, NNPC reportedly neglected to remit N151,121,999,966, deducted from oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR), now the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). NNPC also allegedly failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account, and unaccounted-for sums from royalties derived from crude oil and gas sales and gas flare.

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