SERAP files suit against Tinubu over missing $15bn, N200bn oil revenues

The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against Tinubu over missing $15 billion, N200 billion oil revenues. In a November 5, 2023 release, it announced that it has taken legal action against President Bola Tinubu over his failure to probe missing $15 billion and N200 billion oil revenues.

SERAP is demanding a thorough investigation into the alleged disappearance of over $15 billion in oil revenues and N200 billion budgeted for refinery repairs between 2020 and 2021, based on findings in the 2021 oil sector report by the Nigerian Extractives Industries Transparency Initiative (NEITI).

A part of the SERAP statement read:  “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).

“SERAP 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.

“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.

“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 Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”

SERAP also calls for the recovered proceeds of corruption to be utilized for the betterment of Nigerians. The organization argues that addressing these allegations is crucial for justice, ending impunity, and regaining public trust, emphasizing the impact of corruption on economic development and many Nigerians.

The lawsuit names the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, as a Respondent. No hearing date has been scheduled yet for the case.