Published On: Tue, Feb 11th, 2014



EFCC Chairman, Ibrahim Lamorde

Socio-Economic Rights and Accountability Project has petitioned the Economic and Financial Crimes Commission seeking an urgent investigation into allegations that $20bn oil money was unaccounted for by the Nigerian National Petroleum Corporation.

The petition dated, February 7, 2014 and titled, ‘Request to investigate allegations of missing $20bn from the account of NNPC’, was addressed to the EFCC chairman, Mr. Ibrahim Lamorde.

SERAP stated in a statement on Sunday that  its petition  followed allegation last week by the Governor of the Central Bank, Lamido Sanusi, that “NNPC is operating a racket through which the federation has been losing billions.”

Sanusi had insisted during the hearing last Tuesday that the NNPC had yet to account for $20bn (N3.25trn) from the total $67bn oil sales receipts from January 2012 to July 2013.

SERAP’s Executive Director, Mr. Adetokunbo Mumuni, who signed the petition on behalf of the organisation said, “We believe that the allegation that this huge sum of public money is missing coming as it were from an influential government official demands an urgent investigation from the EFCC.

“The stealing of $20bn from an economy already weakened by corruption will jeopardise sustainable development and hurt ordinary Nigerians who rely on the government to provide basic necessities of life such as water, good roads and electricity.”

He urged the EFCC to “ask the NNPC to reveal information about the systems it has established to prevent public money from being stolen or to recover the missing oil money.”

Adetokunbo added, “It is very important that the EFCC sends a strong message that it is willing and able to step up its efforts to detect, investigate and prosecute cases of bribery in international business deals.”


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