Nigeria: Falana Gives Senate 14 Days to Recover $123.17bn, N66.4bn Unremitted Oil Revenues From NNPC, IOCs, Others

What the report says

Human rights lawyer Femi Falana has urged Nigeria’s Senate to take steps within 14 days to recover what he says are large unpaid oil revenues owed to the federation by the Nigerian National Petroleum Company Limited, international oil companies and other firms. In a letter dated October 28, 2026, and reported by This Day, Falana said the claims are based on court rulings and federal agency reports, and he warned that he may go to court if lawmakers do not act.

According to the report, Falana’s breakdown includes alleged unpaid royalties of $62 billion linked to offshore production contracts, proceeds from alleged stolen crude oil estimated at $29 billion, and $23.1 billion in Nigeria LNG dividends that he says were received by NNPC but not remitted to the Federation Account. He also cited figures from the Nigeria Extractive Industries Transparency Initiative, which he said showed $6.071 billion and N66.4 billion in outstanding collectable revenues as of June 2024.

The letter references earlier litigation involving oil-producing states and federal agencies, including Supreme Court and Federal High Court judgments that, Falana says, required the federal government to recover the unpaid royalties. He also pointed to alleged findings from legislative and agency investigations into undeclared exports and oil theft. The matter matters because it touches on public revenue, fiscal federalism and long-running disputes over Nigeria’s oil sector accountability.

This digest is based on the supplied article text from AllAfrica and its source publication, This Day.