SERAP Drags NNPC To Court Over Alleged Missing $2.04bn And N164bn Funds

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against Nigerian National Petroleum Company Limited (NNPC). The lawsuit, filed at the Federal High Court in Abuja under suit number FHC/ABJ/CS/549/2024, revolves around the alleged disappearance of $2.04 billion and N164 billion in oil revenues.

SERAP’s move comes in response to revelations in the 2020 audited report by the Auditor-General of the Federation, which raised serious concerns about the NNPC’s failure to remit the said sums into the Federation Account.

The Auditor-General’s report suggested that the funds might have been diverted, prompting SERAP to demand transparency and accountability from the NNPC.

Deputy Director of SERAP, Kolawole Oluwadare, highlighted the gravity of the situation, emphasising the organisation’s commitment to ensuring that public funds are used for the betterment of Nigerian society.

Oluwadare underscored the importance of recovering the missing funds and holding accountable those responsible for their alleged misappropriation.

SERAP’s lawsuit seeks an order of mandamus compelling the NNPC to provide a detailed account of the whereabouts of the missing funds.

Additionally, SERAP urges the NNPC to cooperate with investigative bodies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to identify and prosecute individuals diverting public funds.

SERAP describes the failure to account for the missing oil revenues as violating the principles of transparency and accountability enshrined in the Nigerian Constitution.

The organisation lamented that the absence of these funds has hindered the government’s ability to fulfil its obligations to provide essential public goods and services, particularly amidst the ongoing economic challenges facing the nation.

Without the full recovery and remittance of the missing USD$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, the suit reads in part.

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