Socio-Economic Rights and Accountability Project, SERAP, has dragged Nigerian National Petroleum Company (NNPC) Limited before a Federal High Court sitting in Abuja over “failure to account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.”
The suit followed the allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the money into the Federation Account, saying that the money may have been diverted.
SERAP in the suit is seeking: “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing $2.04 billion and N164 billion oil revenues, as documented in report by the Auditor-General.”
SERAP is also seeking for “an order of mandamus to compel the NNPC to hand over suspected perpetrators to the Independent Corrupt Practices Commission, ICPC and the Economic and Financial Crimes Commission, EFCC, for investigation and prosecution.”
No date has been fixed for the hearing of the suit.
SERAP is further seeking: “an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing $2.04 billion and N164 billion into the Federation Account.”
In the suit, SERAP is arguing that: “There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.”
SERAP is arguing that, “The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government.”
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SERAP is also arguing that, “Without the full recovery and remittance of the missing $2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”
According to SERAP, “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.”
The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, contends that: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
“The failure by the NNPC to account for and explain the whereabouts of the disappeared money is a grave violation of the provisions of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights of Nigerians, such as increased spending on public goods and services.”
“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.”
