The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL) for its alleged failure to account for and explain the whereabouts of $2.04 billion and N164 billion in oil revenues.
The move by SERAP follows the allegations outlined in the 2020 audited report by the Auditor-General of the Federation, which suggested that the NNPC failed to remit the said amounts into the Federation Account, raising concerns that the funds may have been diverted.
In a statement signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization disclosed that it had filed suit number FHC/ABJ/CS/549/2024 at the Federal High Court in Abuja.
The suit seeks “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues.”
SERAP is also urging the NNPC to hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution and to ensure the full recovery and remittance of the missing funds into the Federation Account.
The organization emphasized that the failure to account for the missing oil revenues reflects the NNPC’s ongoing failure to uphold transparency and accountability principles, constituting a grave violation of the Nigerian Constitution 1999 (as amended).
SERAP condemned the impact of the missing oil revenues on Nigerians’ economic and social rights, stating that the funds could have been allocated to public goods and services, thereby alleviating the cost of living crisis in the country.
The organization highlighted the Auditor-General of the Federation’s reports documenting the disappearance of public funds from the NNPC over the years and expressed concerns that the funds may have been diverted into private pockets.
Meanwhile, NNPC has partnered with First Exploration and Petroleum Development Company Limited (First E&P) to announce their plans to achieve an average oil production of 20,000 barrels per day on the new OML 85 platform located in Bayelsa State.
According to NNPC spokesperson Olufemi Soneye, this milestone reflects President Bola Tinubu’s administration’s commitment to enhancing production from the country’s oil and gas assets by fostering a conducive environment for current and prospective investors.
“The oil produced from the OML 85 platform, also known as the Madu Field, will undergo processing at the joint venture’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) unit, with a storage capacity of up to 800,000 barrels of crude oil,” he stated.