Connect with us

News

SERAP Sues NNPCL Over Alleged Failure To Account For Missing N825bn, $2.5bn

Published

on

The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to the Federal High Court in Lagos over its alleged failure to provide an account for an estimated N825 billion naira and $2.5 billion in public funds. These funds were reportedly allocated for refinery rehabilitation and other oil-related revenues.

According to a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, on Sunday, the lawsuit (FHC/L/MISC/722/25), filed last Friday, is predicated on findings detailed in the 2021 audited report by the Auditor-General of the Federation, Adolphus Aghughu, which was made public on November 27, 2024.

Advertisement

The legal action also comes amidst renewed public skepticism regarding the state of Nigeria’s refineries. Just last week, Aliko Dangote, President of Dangote Group, openly expressed doubts that the NNPCL’s refineries would ever operate effectively again, despite an estimated $18 billion having already been spent on them over the years. This sentiment echoes previous concerns raised by former President Olusegun Obasanjo regarding the NNPC’s capacity to manage the refineries.

SERAP is seeking several court orders: Mandamus to compel the NNPCL to account for and explain the whereabouts of the missing N825 billion naira and $2.5 billion of public funds designated for refinery rehabilitation and repairs.

READ ALSO:SERAP Kicks As Bill To Jail Nigerians Who Don’t Vote Is Proposed

Advertisement

Mandamus to compel the NNPCL to recover and return these missing funds to the federation account.

Mandamus to compel the NNPCL to identify those responsible for the missing oil money, surcharge them for the full amount involved, and hand them over to appropriate anti-corruption agencies for investigation and prosecution.

In its suit, SERAP argued that the “grim allegations by the Auditor-General (and Mr Aliko Dangote) suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s international human rights and anticorruption obligations.”

Advertisement

The organization contended that “granting the reliefs sought would strike a blow against the impunity of those responsible for the missing oil money meant to repair the country’s refineries and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”

SERAP emphasised that these alleged financial irregularities have “undermined the economic development of the country, trapped the majority of Nigerians in poverty, and contributed to high levels of deficit spending by the government.”

READ ALSO:SERAP Drags Tinubu To Court Over Fubara, Deputy, Lawmakers’ Suspension

Advertisement

The lawsuit, filed by SERAP’s lawyers, Kolawole Oluwadare, Ms. Oluwakemi Oni, and Ms. Valentina Adegoke, further detailed the Auditor-General’s findings. These include — Over N82.95 billion ($82,951,595,510.47) “deducted from the sale of Crude Oil and Gas between 2020 and 2021” for “refinery rehabilitation and repairs” without proper authorization. The AGF “fears that the money may be missing” and recommends its recovery.

Over N343.64 billion ($343,642,598,726.51) “being proceeds from domestic crude sales,” unilaterally deducted for “pipelines maintenance and management costs.” The AGF “fears the money may have been diverted” and calls for its recovery and the prosecution of those involved.

Over N83.65 billion ($83,659,813,739.99) “being miscellaneous income from the NNPC joint venture operations from 2016 to 2020,” withdrawn from a “CBN/NNPC sinking fund account.” This practice, the AGF noted, “has led the Federation to resort to borrowings.”

Advertisement

Over N204.85 billion ($204,853,744,047.39) “being unjustified deductions from the oil royalties for 2021,” originally due to the Department of Petroleum Resources (now NUPRC). The AGF “fears the money may have been diverted.”

Over N3.74 billion ($3,748,581,281.27) “purportedly paid to a Company as a shortfall on sales of MT cargo of PMS,” which the AGF “fears the money may be missing.”

READ ALSO:‘It’s Patently Unlawful,’ SERAP Sues Akpabio Over Natasha’s Suspension

Advertisement

Over N28.65 billion ($28,654,179,867.00) “being outstanding bridging allowance from NNPC retail for 2021,” and over N13.55 billion ($13,555,965,814.91) “being outstanding bridging allowance claims from three major oil marketers in 2021.” The AGF is concerned this “may have resulted in difficulty in funding the 2021 budget.”

Over N15 billion ($14,134,947,949.80 and $1,087,533,332.62) “being outstanding revenues from debts owed by twenty-six marketers for 2021.”

Over $29.64 million ($29,648,970.36) “being outstanding royalties payable to the Department of Petroleum Resources CBN account.”

Advertisement

Uncollected outstanding oil royalties of over $2.26 billion ($2,260,448,992.45) and N48.21 billion ($48,218,163,192.67) from oil companies for 2021. The AGF “fears that the money may be missing” and notes this “may have resulted in difficulty in funding the 2021 budget.”

No date has been fixed yet for the hearing of the suit as of the time of this report.
(TRIBUNE)

Advertisement

News

2027: Govs Decamping To APC Will Work Against You, Primate Ayodele Warns Tinubu

Published

on

By

The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has warned President Bola Ahmed Tinubu against some of his appointments and governors decamping to the All Progressive Congress (APC) from other parties.

In a statement signed by his media aide, Primate Ayodele released a series of warnings to the president surrounding the Nigerian economy, insecurity, and several other issues.

Advertisement

He warned Tinubu to be careful, as they will use insecurity to disrupt his second-term ambition.

He also revealed that there are people in his government who are behind the insecurity, including those in Aso Rock.

READ ALSO: Why Niger Delta Is Critical To National Growth – Tinubu

Advertisement

He also asked security operatives to be careful in October as insecurity will go beyond necessary levels in the month, while also advising him to crash the prices of food commodities.

“Tinubu should be careful, they will use insecurity to disrupt his second term in office. Let him try so well to reduce the price of commodities, but there is still hardship. There are still issues in security, some people in the military, security parastatals, and even the villa are behind it.

“Insecurity will go beyond necessary as from October, He needs to work on insecurity very well and make sure the price of rice, garri, and essential food commodities are crashed if otherwise, it will be difficult for him. He shouldn’t let anyone deceive him; all is not well.”

Advertisement

Speaking further, Primate Ayodele warned Tinubu to avoid making a wrong person the national chairman of the party because it can lead to the selling out of the APC. He also called on the military to work against bombings because it’s another strategy to destabilize the government.

READ ALSO:

You should also avoid picking the wrong person as the APC national chairman so that the party won’t be sold out. Don’t pick a party chairman based on eye service, there are names of people that shouldn’t be your party chairman. The official date for the convention will affect the party’s stand; it should be changed.

Advertisement

“He needs to work on the youths and do a lot of strategy work on them. He shouldn’t do a wrong negotiation to avoid some challenges. The military should start working on bombings because that’s another strategy to destabilize this government.”

Primate Ayodele advised Tinubu to be careful of political enemies pretending to be for him, while advising him to keep most of his strategies to himself.

“You should also watch important documentation in the villa, overhaul your security, and watch your presidential jet very well. You have a lot of political enemies within your party that are pretending, keep most of your strategies to yourself because there are coalition moles in the APC.”

Advertisement

Continuing, Primate Ayodele warned Tinubu not to trust governors decamping to the APC because some of them will work against him. He urged him not to dismiss the coalition because they are ready to fight till the end.

Don’t trust these governors, not all of them love you or joined you because they love you, their intentions are not totally pure, you need to be very careful. The opposition is well equipped and ready, the way you are. You can only defeat them with four things.

“You are not seeing anything, some of your enemies are getting appointed in your government, and most of the business people you rely on will shut you down. You need to work very fast,” he added.

Advertisement

 

Advertisement
Continue Reading

News

BREAKING: Former President Muhammadu Buhari Is Dead

Published

on

By

Buhari appoints rectors buhari, buhari rental income
Former President of Nigeria, Muhammadu Buhari, has passed away at the age of 82 years at a clinic in London.

This was disclosed in a statement shared by his spokesperson, Garba Shehu, on his personal X account on Sunday.

Advertisement

INNA LILLAHI WA INNA ILAIHIRRAJIUUN.

READ ALSO: First Female Lawyer In Mid-West Region Is Dead

“The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London.

Advertisement

“May Allah accept him in Aljannatul Firdaus, Amin.”

Following the news of illness, his former aide, Bashir Ahmad, recently confirmed that the former president was receiving medical attention, but dismissed widespread claims suggesting he was in critical condition.

Advertisement
Continue Reading

News

JUST IN: APC Sweeps Lagos LG Polls, Wins 57 Chairmanship Seats

Published

on

By

The All Progressives Congress (APC) has emerged victorious in the July 12 local government elections held across Lagos State, clinching all 57 chairmanship positions and 375 out of 376 councillorship seats.

Announcing the results at a press briefing on Sunday, the Chairman of the Lagos State Independent Electoral Commission (LASIEC), Justice Mobolanle Abidemi Okikiolu-Ighile (Rtd.), confirmed the party’s dominant performance.

Advertisement

READ ALSO: Lagos LG Polls: Igbos Disenfranchised From Voting, Voted For — Ohanaeze

The All Progressives Congress won all the chairmanship seats in the 20 Local Government Areas and 37 Local Council Development Areas in the state,” she said.

“They also secured 375 out of the 376 councillorship seats in the Lagos LG polls. The only councillorship position not won by the APC was in Yaba LCDA, where the Peoples Democratic Party emerged victorious.”

Advertisement

Details later…

Advertisement
Continue Reading

Trending

Exit mobile version