SERAP Sues NNPCL Over Failure To Account For Nigeria’s Daily Oil Production, Revenues

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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its “failure to disclose details of Nigeria’s daily oil production, exportation and the total amounts of revenues generated from oil since the removal of subsidy on petrol in May 2023.”

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Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, recently alleged that “the NNPCL is failing to remit enough foreign exchange into the treasury despite the removal of fuel subsidy,” asking: “Where is the money?”

In the suit numbered FHC/ABJ/CS/1719/2023 filed last Friday at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus to direct and compel the NNPC to disclose details of barrels of oil Nigeria produces and exports daily and the total amounts of revenues generated since the removal of subsidy on petrol”.

The organisation is also seeking “an order of mandamus to compel the NNPC to disclose how much of the revenues generated from the production and exportation of oil have been remitted to the public treasury since the removal of subsidy on petrol” and “an order of mandamus to direct and compel the NNPC to disclose details of payment of 11 Trillion Naira made as subsidy payments from 1999 to May 2023, including a detailed breakdown of the payments made”.

In its suit, SERAP argues: “There is a legitimate public interest in disclosing the information sought. The NNPC has a legal responsibility to disclose the details of Nigeria’s daily oil production, exportation and the revenues generated and remitted.

“Nigerians have the right to know the amounts of barrels of oil the country produces and exports daily, the revenues generated and remitted to the public treasury.”

It told the court that compelling the NNPC to disclose these details “would promote transparency and accountability in the oil sector”.

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Andrew Nwankwo, read in part: “Nigeria’s daily oil production, exportation and the revenues generated have been mostly shrouded in secrecy.

“Disclosing the amounts of barrels of oil the country produces and exports daily, the revenues generated and remitted to the public treasury would also ensure that the NNPC operates within the law.

“Transparency and accountability in the amounts of barrels of oil the country produces and exports daily, the revenues generated and remitted to the public treasury would improve the enjoyment by Nigerians of their right to natural wealth and resources.”

“The NNPCL has failed to disclose the amounts of barrels of oil the country produces and exports. The NNPCL has also reportedly failed to publish details of revenues generated from the production and exportation of oil and the amounts of revenues remitted to the public treasury as required by Nigerian laws,” it said.

“According to the former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, ‘It is only the NNPCL that can give the figures about how much oil we produce daily, how much we sell, and where the money is going. We are no longer paying subsidies so where are the dollars? Where is the money?’

“The NNPCL has a legal responsibility to promote transparency and accountability in the country’s daily oil production, exportation and the revenues generated and remitted to the public treasury. The NNPLC also has a legal responsibility to disclose details of payment of N11 trillion subsidy.”

No date has been fixed for the hearing of the suit.

Editorial Staff
Editorial Staffhttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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