The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited, alleging the company’s failure to account for $2.04 billion and N164 billion in oil revenues.
The lawsuit, prompted by claims detailed in the Auditor General of the Federation’s 2020 audited report, seeks to compel NNPC to clarify the whereabouts of the missing funds.
In a press release on Sunday, SERAP stated that NNPC did not transfer the funds to the Federation Account, raising concerns of potential misappropriation. Case number FHC/ABJ/CS/549/2024 was filed at the Federal High Court in Abuja, requesting an order of mandamus to instruct NNPC to disclose the location of the missing funds, hand over suspected perpetrators to the ICPC and EFCC for investigation and prosecution, and ensure the full recovery and remittance of the missing revenues into the Federation Account.
SERAP argues that there is a legitimate public interest in providing the details sought, as NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.
The missing oil revenues, according to SERAP, have worsened Nigeria’s already precarious economy and contributed to high levels of deficit spending by the government. Without the full recovery and remittance of the missing funds, the dire economic situation may worsen, and Nigerians will continue to be denied access to basic public goods and services.
