SERAP drags Tinubu to court over missing $15bn oil revenue, others

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over what it said is the failure to probe allegations that over US$15 billion oil revenues, and N200 billion budgeted to repair the refineries in Nigeria were missing and unaccounted for between 2020 and 2021.

The allegations are contained in the 2021 report by the Nigeria Extractive Industries Transparency Initiative (NEITI).

In the suit number FHC/L/CS/2334/2023 filed last Friday at the Federal High Court in Lagos, SERAP is seeking: “an order of mandamus to direct and compel President Tinubu to probe the allegations that US$15bn of oil revenue, and N200bn budgeted to repair and maintain the refineries in Nigeria are missing and unaccounted for.”

SERAP is also seeking: “an order of mandamus to compel President Tinubu to direct appropriate anti-corruption agencies to probe allegations of corruption involving the Nigerian Petroleum Development Company Limited, Nigerian Upstream Petroleum Regulatory Commission (NPDC) and State Owned Enterprises (SOE).”

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The group is also seeking: “an order of mandamus to compel President Tinubu to use any recovered proceeds of corruption to enhance the well-being of Nigerians.”

In the suit, SERAP is arguing that: “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Granting the reliefs sought would end the impunity of perpetrators and ensure justice for victims of corruption”, and that, “the allegations of corruption documented by NEITI undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”

According to SERAP, “Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.”

SERAP is arguing that, “Many years of allegations of corruption and mismanagement in the spending of oil revenues and impunity of perpetrators have undermined public trust and confidence in governments at all levels.

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The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Andrew Nwankwo, and Ms Valentina Adegoke, read in part: “The Tinubu government has a constitutional duty to ensure transparency and accountability in the spending of the country’s oil wealth.”

It added that “According to the 2021 report by NEITI, government agencies including the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury.

“The NNPC and NPDC failed to remit over 70% of these public funds. NEITI wants both the NNPC and NPDC to be investigated, and for the missing public funds to be fully recovered.

Joined in the suit as Respondent is Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.

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