NEWS
SERAP Sues NNPC Over Missing $2.04bn, N164bn Oil Revenues
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPC Ltd) over alleged missing USD$2.04 billion and N164 billion oil revenues.
According to the SERAP, the suit followed allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC Ltd failed to remit the money into the Federation Account.
A statement from the SERAP over the weekend has it that that the money may have been diverted.
In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in report by the Auditor-General.”
The SERAP is seeking: “an order of mandamus to compel the NNPC to hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”
The anti-corruption crusader is also seeking: “an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account.”
In the suit, the SERAP is arguing that: “There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.
“The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government.
“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.”
According to the SERAP, “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 suit was filed on behalf of the SERAP by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, read in part: “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.
“The failure by the NNPC to account for and explain the whereabouts of the disappeared money is a grave violation of the provisions of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.
“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 of Nigerians, 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.
“Nigerians have the right to know the whereabouts of the disappeared oil money. Ensuring transparency and accountability in the management of oil revenues would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the NNPC failed to remit over USD$2 billion and N164 billion oil revenues into the Federation Account.
“The Auditor-General fears that the money may have been diverted into private pockets, denying the government the funding needed to carry out its activities.
“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.
“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.
“The NNPCL also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.
“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.
“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.
“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.
“Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).’
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected.”
No date has been fixed for the hearing of the suit.
The Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye has passed on.
The news of his passing was leaked by a reliable source under the condition of anonymity.
The sad incident, according to the source, happened in Ado Ekiti in the early hours of Tuesday.
His death is being traced to a sickness which came upon him following the injury he sustained when a section of the Ekiti State High Court Complex, Ado Ekiti wall collapsed in July 12, 2023.
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The late Justice Adeyeye was at the office when the building collapse happened and sustained injuries.
While the state and his family were yet to issue statements on his demise, the Ekiti State Chapter of the Association of International Female Lawyers (FIDA) has sent condolences to the family.
The condolences message read: “With deep sorrow in our hearts and in total submission to the will of God, FIDA Ekiti consoles with the family of the Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye on his call to glory.
“May He find rest with his maker.
“I pray that God grants the family, the Judiciary and the people of Ekiti State, the grace to bear this irreparable loss.
Adieu great one.”
Justice Adeyeye was born 1960 in Araromi Ugbesi in Ekiti East Local Government of Ekiti State and was called to bar in 1986.
He started his career as a State Counsel in the civil service of the then Ondo State before joining the Ekiti State Judiciary Service Commission shortly after the state was created in 1996.
He was promoted to the position of a judge in the state’s high court in 2002 and has served at different occasions in the election petition tribunal.
A Federal High Court in Abuja has dismissed all charges against 76 individuals accused of participating in the nationwide #EndBadGovernance protests.
The ruling came after the Attorney General of the Federation (AGF), Lateef Fagbemi, moved to discontinue the case under orders from President Bola Tinubu.
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Justice Obiora Egwuatu, presiding over the matter, struck out the charges after hearing a motion from the AGF’s representative, Director of Public Prosecution of the Federation (DPPF) Mohammed Abubakar.
Citing Section 174 of the 1999 Constitution, the AGF formally took over the case from the Inspector General of Police, then requested to drop all charges against the defendants, many of whom are minors.
The judge granted the AGF’s application without objection from defense counsel, ordering the immediate release of the accused, who were not present in court.
This decision follows a directive issued on Monday by President Tinubu, instructing the AGF to withdraw charges against the protesters.
More to follow……….
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.
Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.
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PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.
The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.
In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.
Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.
According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.
They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.
PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.
The association aims to enter the market by December 2024, pending necessary regulatory approvals.
“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.
PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.
PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.
The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.
To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.
PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.
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