The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Nigerian National Petroleum Company Limited (NNPCL) concerning the unexplained disappearance of $2.04 billion and N164 billion in oil revenues.
This move comes in response to allegations outlined in the 2020 audited report by the Auditor-General of the Federation, suggesting that the NNPC failed to remit the funds into the Federation Account, raising concerns of possible diversion.
In a statement released by SERAP’s Deputy Director, Kolawole Oluwadare, the organization emphasized its commitment to holding the NNPC accountable and ensuring transparency in public finance management.
The lawsuit, filed at the Federal High Court in Abuja under suit number FHC/ABJ/CS/549/2024, seeks an order of mandamus compelling the NNPC to provide a detailed account of the missing funds as documented by the Auditor-General.
SERAP also urges the NNPC to cooperate with anti-corruption agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute those responsible for the alleged mismanagement of public funds.
The organization highlights the constitutional obligation of the NNPC to uphold transparency and accountability in its operations, emphasizing the detrimental impact of the missing revenues on the socio-economic rights of Nigerians.
According to SERAP, the failure to recover and remit the missing funds exacerbates the economic challenges faced by Nigerians and hampers access to essential public services.
The lawsuit underscores the public interest in holding the NNPC accountable and ensuring the recovery of the missing oil revenues to address pressing socio-economic needs in the country.
With no fixed date for the hearing yet, SERAP remains steadfast in its pursuit of justice and accountability in the management of public finances.
