Credible News
  • Home
  • Conflict
  • Crime
  • Education
  • Economy
  • Entertainment
  • Foreign
  • Health
  • ICT
  • Legal
  • Politics
  • Security
  • Sports
No Result
View All Result
  • Home
  • Conflict
  • Crime
  • Education
  • Economy
  • Entertainment
  • Foreign
  • Health
  • ICT
  • Legal
  • Politics
  • Security
  • Sports
No Result
View All Result
Credible News
No Result
View All Result

SERAP sues Tinubu over failure to probe missing $15bn, N200bn oil revenue

Credible News by Credible News
November 5, 2023
in Conflict, Legal, News
0
Scale of Justice

Scale of Justice

0
SHARES
2
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against President Bola Tinubu.

Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that over US$15 billion oil revenues, and N200 billion budgeted to repair the refineries in Nigeria are 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
SERAP

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 and State Owned Enterprises”.

SERAP is further seeking “an order of mandamus to compel the President 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.

“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”.

SERAP further stated that: “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.

“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.

“The findings by NEITI suggest a grave violation of the provisions of the Nigerian 1999 Constitution as amended, national anti corruption laws, and the country’s obligations under the UN Convention against Corruption”.

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.

“SERAP is seeking an order of mandamus to direct and compel President Tinubu to put in place mechanisms for accountability and transparency in the oil sector.

“Section 13 of the Nigerian Constitution imposes clear responsibility on the government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on the government to ‘abolish all corrupt practices and abuse of power’ in the country.

“Under Section 16(1) of the Constitution, the government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.

“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.

“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the government to ensure proper management of public affairs and public funds, and to promote transparent administration of public affairs.

“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption obligate the government to effectively prevent and investigate the plundering of the country’s wealth and natural resources and hold public officials and non-State actors to account for any violations.

“Specifically, article 26 of the UN convention requires the government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.

“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations”.

The suit added that: “Nigeria is also a participating State of the Extractive Industries Transparency Initiative, EITI, which aims to foster greater governmental accountability for the use of natural resource wealth through the creation of a set of international norms on revenue transparency.

“EITI also aims to tackle corruption, poverty and conflict associated with natural resource wealth. Nigeria has the obligations to implement the EITI Standard, which sets out the transparency norms with which participating States including Nigeria must comply.

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

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

“The report also shows that in 2021, the State Owned Enterprises and its subsidiaries, the NNPC Group, reportedly spent US$6.931billion on behalf of the Federal Government but without appropriation by the National Assembly. The money may be missing.

“The NNPC also reportedly obtained a loan of $3 billion in 2012 purportedly to settle subsidy payments due to petroleum product marketers but there is no disclosure of the details of the loan, subsidy and the beneficiaries of the payments.

“The report also shows that N9.73 billion was paid to the NNPC as pipeline transportation revenue earned from Joint Venture operations but the money was neither remitted to the Federation nor properly accounted for.  The NUPRC in 2021 also failed to remit $7.61 million realized from the sale of crude oil.

“The report documents that about N200 billion was spent on ‘refineries rehabilitation’ between 2020 and 2021 but ‘none of the refineries was operational in 2021 despite the spending’. NEITI wants the spending to be investigated, as the money may be missing”.

Attorney General of the Federation and Minister of Justice Mr. Lateef Fagbemi, SAN, has joined the suit as a Respondent.

The suit hearing has not, however, been scheduled.

Crediblenews.ng

 

Tags: Andrew NwankwoEITIFederal GovernmentFederal High CourtKolawole OluwadareLagosLateef FagbemiMinister of JusticeMs Valentina AdegokeNational AssemblyNEITINigeria constitutionNigerian Petroleum Development Company LimitedNigerian Upstream Petroleum Regulatory CommissionNNPCNUPRCOil revenuePresident Bola TinubuSERAPThe Attorney General of the Federation
Previous Post

Man weeps as DNA reveals he’s not biological father of four children

Next Post

Flights resume as FG reopens Ibadan airport

Credible News

Credible News

Next Post

Flights resume as FG reopens Ibadan airport

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Kwara State university campus in Osi ready for first lectures

Kwara State university campus in Osi ready for first lectures

November 18, 2024
Police warn Lagosians against economic disturbance during NLC protest

Police in Kano urges caution as Muslims begin Ramadan

March 11, 2024
In the dark: UCH’s mounting power crisis

Is UCH in darkness: Need for responsible journalism!

February 9, 2025
Tiktok

Court remands Tik Toker for posting President Tinubu’s obituary

July 25, 2025
Corper recounts ordeal of Agunechemba attack, seeks prosecution

Corper recounts ordeal of Agunechemba attack, seeks prosecution

2

ADC begins online membership registration

2
Biden arrives Israel

Biden visits Israel amidst killing of more Palestinians

1
handcuffs

Police arrests 34-year-old man for raping 90-year-old woman

1
Strait of Hormuz now danger zone, says Iran

US, Iran intensify belligerent actions despite peace talks

June 3, 2026
Minister of Solid Minerals, Dr Dele Alake

FG warns Nigerians against harassing mining marshals

June 3, 2026
Ondo State Governor, Lucky Aiyedatiwa

Aiyedatiwa, Olowo hail verdict on Owo church attackers

June 3, 2026
Mrs. Ndidi Mbah, TCN’S General Manager, Public Affairs reports that the vandals destroyed six transmission towers on the crucial Apir-Lafia transmission line in Nasarawa State, causing severe power supply disruptions

TCN reports destruction of six towers on Apir-Lafia line

June 3, 2026

Recent News

Strait of Hormuz now danger zone, says Iran

US, Iran intensify belligerent actions despite peace talks

June 3, 2026
Minister of Solid Minerals, Dr Dele Alake

FG warns Nigerians against harassing mining marshals

June 3, 2026
Ondo State Governor, Lucky Aiyedatiwa

Aiyedatiwa, Olowo hail verdict on Owo church attackers

June 3, 2026
Mrs. Ndidi Mbah, TCN’S General Manager, Public Affairs reports that the vandals destroyed six transmission towers on the crucial Apir-Lafia transmission line in Nasarawa State, causing severe power supply disruptions

TCN reports destruction of six towers on Apir-Lafia line

June 3, 2026
Credible News

At Credible News we seek, process and serve news, opinions and analyses that are verifiable and reliable.
We also provide readers with authentic and credible facts and figures, news, opinions and analyses to make informed choices.

Follow Us

Browse by Category

  • Accident
  • Agriculture
  • Banking
  • Conflict
  • Crime
  • Development
  • Economy
  • Education
  • Entertainment
  • Fashion
  • Features
  • Foreign
  • Global Trade
  • Health
  • Human Interest
  • ICT
  • Interviews
  • Legal
  • Life Style
  • News
  • Oil & Gas
  • Opinion
  • Politics
  • Religion
  • Security
  • Sports
  • Travel
  • Trending
  • Women

Recent News

Strait of Hormuz now danger zone, says Iran

US, Iran intensify belligerent actions despite peace talks

June 3, 2026
Minister of Solid Minerals, Dr Dele Alake

FG warns Nigerians against harassing mining marshals

June 3, 2026
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2024 Credible News - The place for all factual stories. Designed by VintoICT Solutions.

No Result
View All Result
  • Home
  • Conflict
  • Crime
  • Education
  • Economy
  • Entertainment
  • Foreign
  • Health
  • ICT
  • Legal
  • Politics
  • Security
  • Sports

© 2024 Credible News - The place for all factual stories. Designed by VintoICT Solutions.