Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has issued a 14-day ultimatum to the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, demanding immediate action to recover an estimated $120.5 billion and N66.4 billion allegedly owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL), international oil companies, and other operators in the oil and gas sector.
In a letter dated June 2, 2026, written on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana referenced court rulings, government audits, and findings by oversight agencies, arguing that the disputed funds stem from unpaid royalties, unremitted revenues, crude oil theft proceeds, outstanding taxes, and refinery rehabilitation expenditures.
He warned that legal proceedings would be initiated against the Attorney General should the government fail to commence recovery actions within the stipulated timeframe.
A major component of the claim, according to Falana, includes $62 billion in outstanding royalties allegedly owed by international oil companies, linked to what he described as prolonged non-implementation of provisions under the Deep Offshore and Inland Basin Production Sharing Contracts Act over an 18-year period.
He also cited $29 billion tied to alleged crude oil theft and undeclared exports between 2011 and 2014, alongside $21.5 billion in dividends from Nigeria LNG Limited (NLNG), which he claims were received by NNPCL but not remitted to the Federation Account.
Further allegations include $6.07 billion and N66.4 billion in outstanding liabilities identified in a Nigerian Extractive Industries Transparency Initiative (NEITI) report, as well as $2.9 billion reportedly spent on refinery rehabilitation projects in Port Harcourt, Warri, and Kaduna, which he claims yielded no commensurate results.
Falana maintained that if the Attorney General fails to initiate recovery actions within 14 days, ASCAB will seek judicial intervention at the Federal High Court to compel enforcement of the alleged debts.
