Justice Taiwo Taiwo of the Federal High Court, Abuja will today hear the suit filed by a team of forensic accountants that the Nigerian National Petroleum Corporation (NNPC) is indebted to the Federal Allocation and Accounts Committee (FAAC) to the tune of N61 trillion over the past six years.
Specifically, the accountants and their associates alleged that NNPC had been using transactions performed at one of its subsidiaries, the National Petroleum Investment Management Services (NAPIMS), as well as operations involving foreign oil companies, especially the Joint Venture Cash Calls, to defraud the country of a humongous amounts of money through phoney and hidden deals.
They asked the court to order the NNPC not only to remit the said money to the Federation Account and 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.”
A group, Reality Advocacy Against Corruption (RAAC) along with its 13 associates drew up a writ at the Federal High Court seeking to recover the money which it wants paid back to the Federation Account and disbursed according to the laws.
Other plaintiffs in the suit filed on 7th October, 2021, are First Synergy Resources Ltd, NUBIA Tigris Ltd, Golden Dreams Nig Enterprises Ltd, Sanusi Mamman Muri, Fidelis Uzonwanne and Adewale Aremu Olaiya.
Others are Mr Ozioma Ezeogu, Mr Simon Garba Eluma, Alhaji Aliyu Idris, Mr Charles Okoli, Michael Adinoyi Bello Esq, Idris Waziri Esq and Kingsley Fred Perobo.
Listed as plaintiffs in the suit filed by Barristers Edwin Agbu, Mike Bello and Amarachi Osuji of Bluewhales and Company, counsel to the plaintiffs, and eight defendants, including the NNPC, Federal Government of Nigeria, attorney-general and minister of justice (AGF) and the Federal Ministry of Finance.
Others are directors of auditing firms which included – Pedro Omontuemhen (trading in the name and style of PriceWaterHouseCoopers), Abel Atalor (Muhtari Dangana & Co), Ismaila Zakari (Ahmed Zakari & Co) and Robert Odiachi (SIAO Partners).
In the suit, with number FHC/ABJ/CS/1202/2021, RAAC claimed that the alleged financial transactions occurred between 2015 and May 2021.