SERAP, a renowned advocacy group, has initiated legal proceedings against the Nigerian National Petroleum Corporation (NNPC) over its failure to account for purportedly missing oil revenues totaling USD$2.04 billion and N164 billion.
The lawsuit comes in response to revelations outlined in the Auditor General of the Federation’s 2020 audited report, which suggests that the NNPC neglected to remit the aforementioned funds into the Federation Account, prompting concerns of possible diversion.
In the suit, filed as FHC/ABJ/CS/549/2024 at the Federal High Court in Abuja, SERAP seeks various orders to compel the NNPC to account for the missing funds, hand over suspected perpetrators for investigation and prosecution, and ensure the full recovery and remittance of the unaccounted sums into the Federation Account.
Highlighting the public interest in obtaining these details, SERAP argues that the NNPC’s failure to account for the missing funds has exacerbated economic challenges in Nigeria, contributing to deficit spending and hindering access to essential public goods and services.
Related News
SERAP Urges Tinubu to Provide Loan Agreements From 1999
SERAP Sues Akpabio for Alleged Failure in Handling Budget Padding Whistleblower Case
SERAP Sues Tinubu Over Missing $3.4bn IMF Loan
Emphasizing the grave violation of constitutional provisions, anticorruption laws, and international commitments, SERAP asserts that transparency and accountability in managing oil revenues are essential for advancing the economic and social rights of Nigerians.
The lawsuit underscores the need for accountability and restitution, urging the NNPC to adhere to legal and ethical standards in its financial management practices.
While a hearing date for the suit is yet to be scheduled, SERAP remains steadfast in its pursuit of justice and accountability in the management of public resources.
