SERAP Sues NNPCL Over Failure To Account For ‘Missing $2.04bn, N164bn Oil Revenues’

SERAP Sues NNPCL Over Failure To Account For ‘Missing $2.04bn, N164bn Oil Revenues’

Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Nigerian National Petroleum Company, NNPC Limited, concerning the alleged failure to provide an account and clarification on the whereabouts of missing oil revenues totaling USD$2.04 billion and N164 billion…..READ ALSO SERAP Drags Senate President Akpabio To Court Over Budget Padding, Senator Ningi’s Suspension

This move comes following revelations contained in the 2020 audited report by the Auditor General of the Federation, which suggested that the NNPC neglected to remit the aforementioned funds into the Federation Account, indicating a possible diversion.

In suit number FHC/ABJ/CS/549/2024 filed at the Federal High Court in Abuja last Friday, SERAP is seeking several reliefs, including an order of mandamus to compel NNPC to account for the missing funds, hand over suspected perpetrators to relevant anti-corruption agencies like the ICPC and EFCC for investigation and prosecution, and ensure the full recovery and remittance of the missing revenues into the Federation Account.

SERAP contends that there is a significant public interest in disclosing the details regarding the missing funds, given their detrimental impact on the nation’s economy, which has already been struggling. The failure to recover and remit these funds, according to SERAP, could exacerbate the economic challenges faced by Nigerians, depriving them of essential public services.

The organization asserts that NNPC’s failure to provide an account for the missing funds violates various legal provisions, including the Nigerian Constitution, the Freedom of Information Act, national anti-corruption laws, and the UN Convention against Corruption.

The suit, filed on behalf of SERAP by its legal representatives, highlights the broader issue of accountability within NNPC and emphasizes the importance of transparency and adherence to anti-corruption principles.

As of now, no specific date has been set for the hearing of the case, but SERAP’s legal action underscores its commitment to ensuring government accountability and transparency in the management of public resources.

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