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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over an alleged missing N500 billion in oil revenue.
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The NNPCL reportedly failed to remit the funds to the Federation Account between October and December 2024, sparking concerns over financial accountability.
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over an alleged missing N500 billion in oil revenue.
According to SERAP, the NNPCL failed to remit the funds to the Federation Account between October and December 2024.
The lawsuit follows recent allegations by the World Bank that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600 billion, leaving a deficit of N500 billion unaccounted for.
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SERAP is seeking a court order to compel NNPCL to account for the alleged missing N500 billion and invite appropriate anti-corruption agencies to investigate the spending and whereabouts of the said funds.
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The organization also wants the court to direct NNPCL to identify those suspected to be responsible for the alleged missing oil funds and hand them over to anti-corruption agencies for investigation and prosecution.
The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke, at the Federal High Court in Lagos. No date has been fixed for the hearing of the suit.
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