New Telegraph

NNPC shortchanged FAAC by N67trn in 6 years –Auditors

A Federal High Court, Abuja, will today, commence adjudication in a suit filed by a team of forensic accountants, claiming that the Nigerian National Petroleum Corporation (NNPC) is indebted to the Federation Accounts Allocation Committee (FAAC) to the tune of about N67 trillion over the past six years

 

. In the suit marked FHC/ ABJ/CS/1202/2021 and filed on October 7, 2021, the forensic accountants and their associates alleged that NNPC had been using transactions performed at one of its subsidiaries, the National Petroleum Investment Management Services (NAPIMS) and operations involving foreign oil companies, such as the Joint Venture Cash Calls, to shortchange the country.

 

The plaintiffs who approached the court under the aegis of Reality Advocacy Against Corruption (RAAC), are seeking to recover the said illicit funds from the oil conglomerate and have it paid back to the Federation Account for disbursement, according to the laws.

 

They are, therefore, asking the court to order the NNPC not only to remit the said money to the Federation Account but to also prevent the Corporation from transmitting the assets, interests and liabilities of NAPIMS to the newly-created Nigerian National Petroleum Company Limited, in line with section 54 of the Petroleum Industry Act, 2021 LFN or such other laws, pending the full declaration of the assets, liabilities and interests of its subsidiary companies through the Group Audited Financial Statements.

 

Other plaintiffs in the suit include: First Synergy Resources Ltd, NUBIA Tigris Ltd, Golden Dreams Nig. Enterprises Ltd, Sanusi Mamman Muri, Fidelis Uzonwanne and Adewale Aremu Olaiya. Also listed in the suit are eight defendants, including: the NNPC, Federal Government of Nigeria, Attorney- General and Minister of Justice (AGF), and Federal Ministry of Finance

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