Human rights lawyer Femi Falana (SAN) has written to Finance Minister Olawale Edun demanding that the Nigerian National Petroleum Corporation Limited (NNPCL) remit $34.2 billion in dividends received from the Nigeria Liquefied Natural Gas (NLNG) to the Federation Account.
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In the letter dated October 24th, Falana stated that NNPCL had collected the dividends from NLNG between 2004 and 2021 on behalf of the Federal Government. However, the funds were not remitted to the Federation Account as required but were allegedly diverted by NNPCL.
Citing disclosure by NLNG officials and former President Buhari at public hearings and events, Falana said available records showed NNPCL received $18 billion in dividends, $15 billion for feed gas purchase and $1.267 billion in 2020/2021 payments, totaling $34.2 billion.
The senior advocate described NNPCL’s failure to remit the funds as illegal and violation of the nation’s financial regulations. He called on the Finance Minister to promptly direct NNPCL to pay the $34.2 billion into the Federation Account without further delay.
Falana threatened to institute legal proceedings at the Federal High Court to compel NNPCL to remit the funds if the demanded action was not taken. He also stated he would seek an order mandating NLNG to pay future dividends directly into the Federation Account, sidestepping NNPCL.
The letter highlights the urgent need to recover and remit revenues that should accrue to the Federation Account for distribution among federal, state and local governments. Falana’s action seeks to compel transparency and accountability in the management of dividends from Nigeria’s oil and gas resources.
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