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

There are allegations that the NNPCL failed to remit enough foreign exchange into the treasury despite the removal of fuel subsidy.

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company (NNPC) Limited over Nigeria’s daily oil production as well as revenues raked in since the removal of the fuel subsidy.

In the suit number FHC/ABJ/CS/1719/2023 filed last Friday at the Federal High Court in Abuja, SERAP claimed the national oil company failed “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.”

It wants the court “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.”

This was disclosed in a statement on Sunday by SERAP’s deputy director, Kolawole Oluwadare, saying the former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, alleged that the NNPCL failed to remit enough foreign exchange into the treasury despite the removal of fuel subsidy.

“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,” the statement read.

“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.” Compelling the NNPC to disclose these details would promote transparency and accountability in the oil sector.”

“The failure by the NNPC to disclose the information sought is a grave violation of the provisions of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the country’s obligations under the African Charter on Human and Peoples’ Rights.”

According to the group, transparency would ensure that the revenues generated from Nigeria’s daily oil production and exportation are not diverted into private pockets, and increase public confidence that the revenues would be used to benefit Nigerians.

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

Channel TV