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 Federal High Court in Abuja has sentenced a Boko Haram member, Alkali Yarima, also known as La’ari, to death by hanging for his involvement in the 2015 terrorist attacks on Maiduguri, Borno State.
Justice James Omotosho delivered the judgment on Friday, finding Yarima guilty of participating in acts of terrorism that led to the deadly attacks.
The court also imposed multiple prison terms on the convict for other terrorism-related offences.
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Aside from the death sentence on count seven, the court sentenced Yarima to life imprisonment on count six for receiving arms and weapons training in preparation for carrying out terrorist activities.
Justice Omotosho also handed him 35 years imprisonment on count one for professing membership of the proscribed Boko Haram terrorist group, and 30 years imprisonment on count five.
In addition, the court sentenced him to 10 years imprisonment each on counts two, three and four.
The Federal Government had arraigned Yarima on a seven-count charge marked FHC/KNJ/CR/971/2026, filed by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), on behalf of the Attorney-General of the Federation.
According to the prosecution, Yarima, who hails from the Lawanti area of Mafa Local Government Area of Borno State, belonged to Boko Haram between 2009 and 2015 before his arrest.
He was also accused of accepting the teachings (Da’awah) of the sect’s late founder, Mohammed Yusuf, and remaining a member of the terrorist organisation despite its proscription.
The prosecution further told the court that Yarima travelled to an Arab country where he received training in arms and weapon handling in preparation for terrorist operations, an offence punishable under the Terrorism (Prevention Amendment) Act, 2013.
He was also found guilty of participating in the 2015 attacks on Maiduguri, an offence that attracted the death penalty under Section 2(1) of the Terrorism (Prevention Amendment) Act, 2013.
The trial, which is usually conducted in Kainji, Niger State, was moved to the Federal High Court in Abuja.
Speaking after the judgment, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), reaffirmed the Federal Government’s resolve to eliminate terrorism in Nigeria.
“We will fight with every inch of our blood to ensure that we make Nigeria a safe place for everybody,” Fagbemi said.
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,175 to N1,125 per litre.
A statement from the company on Thursday has it that this latest adjustment reflects the refinery’s ongoing commitment to ensuring price stability, improving affordability, and supporting Nigeria’s energy security objectives.
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The price review underscores Dangote Refinery’s responsiveness to prevailing market conditions and its efforts to pass on cost efficiencies to downstream partners and consumers.
“Dangote Refinery remains focused on its broader mission of contributing to economic growth, enhancing fuel availability, and fostering a more competitive and sustainable petroleum sector in Nigeria,” the statement added.
The Securities and Exchange Commission (SEC) has explained why it directed capital market operators to immediately refund funds collected from investors in connection with a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.
In a public notice issued on Tuesday, the Commission revealed that it had observed the circulation of advertisements, flyers, digital banners, and electronic messages across social media and investment platforms inviting members of the public to invest in the refinery through an alleged IPO.
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According to the SEC, the purported offer has not received regulatory approval, as the Commission has neither received nor approved any application from Dangote Petroleum Refinery & Petrochemicals FZE for a public offering.
The regulator expressed concern that some registered capital market operators were actively promoting the unapproved offer and soliciting subscriptions from prospective investors.
Explaining the reason for its directive, the SEC stated that the campaign was misleading and amounted to market manipulation capable of creating false expectations among investors and undermining confidence in Nigeria’s capital market.
The Commission noted that invitations encouraging members of the public to open accounts, pre-fund investments, or reserve guaranteed share allocations for the alleged IPO violate provisions of the Investments and Securities Act as well as existing market regulations.
As a result, the SEC ordered all registered operators, including stockbrokers and promoters of digital investment platforms, to immediately cease all advertising and promotional activities relating to the purported offer.
The Commission further directed operators to remove all related promotional materials from their websites, social media pages, and other communication channels within 24 hours.
In addition, firms were instructed to stop accepting deposits, investment commitments, account registrations, or expressions of interest linked to the alleged public offering.
To protect investors from potential losses, the SEC ordered any operator that had already collected funds in connection with the purported IPO to refund such monies within 24 hours.
The regulator warned that any operator that fails to comply with the directive risks facing sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.
The Commission also advised Nigerians to rely only on information released through approved regulatory channels and to ignore unofficial promotional campaigns or investment solicitations concerning the refinery.
SEC added that if Dangote Petroleum Refinery & Petrochemicals FZE eventually decides to proceed with a public offering and secures regulatory approval, an authorised prospectus will be published in line with the law.
The directive comes amid reports that the Dangote Group is considering listing a 10 per cent stake in its $20 billion refinery through a Pan-African IPO expected in 2026.
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