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SERAP Takes Legal Action Against NNPC Over Alleged Failure to Account for Missing Oil Revenues



Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company, NNPC Limited, concerning the alleged failure to provide a clear account of the whereabouts of USD$2.04 billion and N164 billion in oil revenues.

The legal action comes in response to the recent 2020 audited report by the Auditor General of the Federation, which raised concerns that the NNPC did not remit the funds to the Federation Account, suggesting potential diversion.

In suit number FHC/ABJ/CS/549/2024, lodged at the Federal High Court in Abuja last Friday, SERAP is requesting an order of mandamus to compel NNPC to disclose the missing amounts in line with the Auditor-General’s report.

Additionally, SERAP seeks an order to hand over suspected perpetrators to anti-corruption agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.

The group also demands that NNPC ensures the full recovery and remittance of the missing funds into the Federation Account.

SERAP argues that the public has a right to know the details regarding the missing funds and emphasizes the adverse impact of these unaccounted oil revenues on Nigeria’s economy.

Highlighting the ongoing challenges faced by Nigerians due to the disappearance of such significant sums, SERAP stresses the importance of recovering and remitting the missing funds to avoid further economic strain.

The lawsuit, filed by lawyers Kolawole Oluwadare and Kehinde Oyewumi on behalf of SERAP, underlines NNPC’s failure in ensuring transparency and accountability, violating national laws and international anti-corruption obligations.

A date for the hearing of the lawsuit is yet to be scheduled.