SERAP Files Lawsuit Against NNPC Over Alleged Missing $2.04 Billion Oil Revenues

Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPC), alleging the disappearance of $2.04 billion and N164 billion in oil revenues.

This move follows revelations from the 2020 audited report by the Auditor-General of the Federation, suggesting that NNPC failed to remit the funds into the Federation Account, raising suspicions of possible diversion.

In a statement released by SERAP’s Deputy Director, Kolawole Oluwadare, the organization demands accountability and transparency from NNPC.

The lawsuit, filed at the Federal High Court in Abuja with the suit number FHC/ABJ/CS/549/2024, seeks an order of mandamus to compel NNPC to explain the whereabouts of the missing funds as highlighted in the Auditor-General’s report.

SERAP urges NNPC to cooperate with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for thorough investigation and prosecution of suspected perpetrators.

The organization emphasizes the importance of recovering and remitting the missing funds to the Federation Account to mitigate the economic impact and ensure access to public goods and services for Nigerians.

Highlighting the constitutional implications, SERAP condemns NNPC’s failure to uphold transparency and accountability standards, stating that it violates provisions of the Nigerian Constitution 1999 [as amended].

The organization underscores the detrimental effects of the missing oil revenues on the economic and social rights of Nigerians, particularly amidst the current cost of living crisis in the country.

The lawsuit argues that the public has a legitimate interest in knowing the details of the missing funds, asserting NNPC’s legal responsibility to account for the disappeared money.

Without full recovery and remittance of the missing revenues, SERAP warns of further economic deterioration and continued deprivation of basic public goods and services for Nigerians.

Citing longstanding concerns raised by the Auditor-General of the Federation regarding missing public funds from NNPC, SERAP underscores the urgency of addressing the issue to prevent further diversion of government resources into private pockets. Despite the legal action, no hearing date has been scheduled for the suit.