SERAP Takes Legal Action Against NNPC Over Alleged Missing $2.04 Billion and N164 Billion

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPCL) regarding the alleged disappearance of $2.04 billion and N164 billion in oil revenues. This move by SERAP comes in response to allegations outlined in the 2020 audited report by the Auditor-General of the Federation, which suggested that the NNPC failed to remit the mentioned funds into the Federation Account, raising suspicions of possible diversion.

In a statement signed by Kolawole Oluwadare, the Deputy Director of SERAP, the organization disclosed that it had filed a lawsuit, numbered FHC/ABJ/CS/549/2024, at the Federal High Court in Abuja seeking an order of mandamus to compel the NNPC to account for and explain the whereabouts of the missing funds as detailed in the Auditor-General’s report.

SERAP further urged the NNPC to hand over suspected perpetrators to anti-corruption agencies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution. Additionally, SERAP emphasized the importance of full recovery and remittance of the missing funds into the Federation Account.

The organization condemned the NNPC’s failure to account for the missing oil revenues, labeling it as a violation of transparency and accountability principles and a breach of the Nigerian Constitution. SERAP highlighted the detrimental impact of the missing funds on Nigerians’ access to essential public goods and services, particularly amidst the country’s economic challenges.

SERAP’s legal argument stresses the public interest in obtaining the details of the missing funds, asserting that the NNPC has a legal obligation to account for and explain their disappearance. Without the recovery and remittance of the missing funds, SERAP warns that Nigeria’s economic situation may worsen, and citizens may continue to be deprived of basic public goods and services.

The Auditor-General of the Federation’s reports have consistently highlighted the disappearance of public funds from the NNPC, raising concerns about possible diversion for private gain. Among the specific allegations mentioned in the lawsuit is the NNPC’s failure to remit N151,121,999,966, deducted from oil royalties assessed for 2020 by the Department of Petroleum Resources.

As of now, no hearing date has been scheduled for the suit, but SERAP’s legal action underscores its commitment to promoting transparency and accountability in the management of public resources.