SERAP, in a recent development, has launched legal action against the Nigerian National Petroleum Company (NNPC) Limited, highlighting its failure to provide an account and clarify the whereabouts of an alleged $2.04 billion and N164 billion in oil revenues.
This move was announced through a press release on the organization’s official website.
The impetus for this lawsuit stems from revelations outlined in the Auditor General of the Federation’s 2020 audited report, which suggests that NNPC did not transfer these funds to the Federation Account, raising concerns of possible misappropriation.
In a case registered as FHC/ABJ/CS/549/2024, filed at the Federal High Court in Abuja last Friday, SERAP seeks a mandamus order compelling NNPC to disclose the details regarding the missing funds as documented in the Auditor-General’s report.
SERAP’s demands extend beyond mere disclosure. They also call for the identification and submission of suspected perpetrators to anti-corruption bodies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for thorough investigation and prosecution. Furthermore, SERAP urges NNPC to ensure the complete recovery and remittance of the missing amounts into the Federation Account.
The organization underscores the vital public interest in obtaining the requested information, emphasizing NNPC’s legal obligation to account for and elucidate the fate of the vanished funds. SERAP argues that the absence of these oil revenues exacerbates Nigeria’s already fragile economic state, contributing to significant deficit spending by the government and depriving citizens of essential public services.
Drawing attention to historical discrepancies highlighted by the Auditor-General, SERAP notes the enduring impact on Nigerians, who continue to bear the brunt of these missing oil revenues.
Legal representatives of SERAP, Kolawole Oluwadare and Kehinde Oyewumi, emphasize that the apparent shortfall in oil revenues reflects a systemic failure in NNPC’s accountability mechanisms. They assert that the lawsuit underscores NNPC’s persistent disregard for transparency and accountability standards.
The attorneys further emphasize that NNPC’s failure to account for the missing funds constitutes a severe violation of Nigeria’s constitutional provisions, the Freedom of Information Act, national anti-corruption laws, and international obligations under the UN Convention against Corruption.
They argue that had NNPC and its subsidiaries properly documented and remitted the disappeared funds, more resources could have been allocated to enhance Nigerians’ socio-economic rights, including increased investment in public goods and services, by Nairametrics.
