SERAP Sues NNPCL Over Unaccounted Missing Oil Revenues, Others

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Nigerian National Petroleum Company Limited (NNPCL), citing grave concerns over unaccounted funds amounting to USD$2.04 billion and N164 billion in oil revenues.

This legal action stems from the 2020 audited report by the Auditor General of the Federation, which highlights the NNPCL’s failure to deposit these substantial amounts into the Federation Account, raising suspicions that the funds may have been misappropriated.

Filed last Friday at the Federal High Court in Abuja, the lawsuit (case number FHC/ABJ/CS/549/2024) seeks to enforce a judicial order of mandamus compelling NNPCL to disclose the whereabouts of the missing funds and to facilitate the recovery and remittance of the same into the Federation Account.

SERAP’s lawsuit also demands that the NNPCL turn over those suspected of involvement in the mismanagement of these funds to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and potential prosecution.

The missing funds have reportedly exacerbated the already precarious economic conditions in Nigeria, increasing government deficit spending and hindering access to essential public goods and services for Nigerians. SERAP argues that there is a legitimate public interest in demanding transparency and accountability from the NNPCL, not only to alleviate the economic strain but to uphold democratic values.

The allegations of financial discrepancies include unremitted amounts from oil royalties assessed for 2020 by the Department of Petroleum Resources (now Nigerian Upstream Petroleum Regulatory Commission) and other revenues collected by the NNPCL, which have not been accounted for.