The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Nigerian National Petroleum Company Limited (NNPC) for its failure to reveal critical information about Nigeria’s daily oil production, export activities, and revenues following the removal of the fuel subsidy in May 2023. The lawsuit, filed at the Federal High Court in Abuja, aims to compel NNPC to disclose the daily oil production and export quantities, along with the total revenues generated since the subsidy removal.
The move by SERAP comes in response to concerns raised by former Central Bank of Nigeria Governor Sanusi Lamido Sanusi, who pointed out NNPC’s alleged failure to remit sufficient foreign exchange into the national treasury post-subsidy removal. Sanusi emphasized the need to account for the funds, asking, “Where is the money?”
SERAP argues that the Nigerian public has the right to access detailed information about the country’s oil production and revenues. The organization asserts that transparency is crucial to preventing the diversion of oil revenues into private hands.
Kolawole Oluwadare, Deputy Director at SERAP, highlighted the importance of transparency, stating, “Nigeria’s daily oil production, exportation, and the revenues generated have been mostly shrouded in secrecy. The NNPC has a legal responsibility to disclose the details sought. Transparency would increase public confidence that the revenues would benefit Nigerians.”
Additionally, SERAP contends that the lack of transparency has hindered Nigerians from realizing substantial benefits from the nation’s significant oil wealth. The organization attributes this limited benefit to widespread grand corruption and a culture of impunity among perpetrators.
The lawsuit seeks to address these transparency concerns and ensure that oil revenues contribute to the public welfare rather than being diverted for private gain.
