SERAP threatens legal action over missing $2.04bn, N164bn oil revenues

…Gives NNPCL 7 days to account

Socio-Economic Rights and Accountability Project, SERAP, has said it would consider appropriate legal actions, should Nigerian National Petroleum Company, NNPC Limited refuse to explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.

It, therefore, urged Mr. Mele Kolo Kyari, Group Chief Executive Officer of NNPC Limited to “promptly account for and explain the whereabouts of the alleged missing billion oil revenues.

Nigerian National Petroleum Company, NNPC, Limited

SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.

SERAP asked Kyari “to name and shame those responsible for the disappeared oil money, surcharge them for the full amount involved, and hand them over to appropriate anticorruption agencies, as provided for under paragraph 3112(ii) of the Financial Regulations 2009, and recommended by the Auditor-General.”

SERAP also wants him “to ensure the full recovery and remittance of the missing $2.04 billion and N164 billion into the Federation Account without further delay.”

In the letter dated February 17, 2024, SERAP’s deputy director, Kolawole Oluwadare, said: “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.

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“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 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.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter.

“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.

“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, 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.”

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