Falana Gives Akpabio 14 Days To Recover $123bn Oil Revenues, Threatens Court Action
Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has given Senate President Godswill Akpabio a 14-day ultimatum to initiate action towards recovering billions of dollars and naira allegedly owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and other oil and gas companies.
Falana warned that failure to initiate recovery measures within the stipulated period would compel his law firm to approach the Federal High Court to seek an order compelling the relevant authorities to discharge their statutory responsibilities.
The ultimatum was contained in a letter dated October 28, 2026, addressed to Akpabio and copied to the Speaker of the House of Representatives.
In the letter titled Request to Recover Dividends, Taxes and Royalties Worth $123.17bn and ₦66.4bn from NNPC and Other Companies and Remit Same to the Federation Account, Falana accused relevant government institutions of failing to pursue substantial revenues allegedly belonging to the Federal Government.
He said the outstanding claims involved unpaid oil royalties, unremitted dividends, alleged crude oil theft, undeclared petroleum exports, outstanding industry revenues and billions of dollars spent on refinery rehabilitation.
$62bn Royalties Remain Uncollected
Falana identified approximately $62bn in outstanding royalties allegedly owed by international oil companies over an 18-year period.
He attributed the outstanding payments to the failure to fully implement provisions of the Deep Offshore and Inland Basin Production Sharing Contracts Act, which provided for adjustments to royalty rates when international crude oil prices exceeded specified thresholds.
According to him, a committee established by the Office of the Attorney-General of the Federation determined that the outstanding royalties amounted to $62bn.
He also cited a Supreme Court consent judgment delivered on October 20, 2018, as well as subsequent Federal High Court judgments involving Akwa Ibom, Rivers and Bayelsa States over their entitlements from the disputed revenues.
Falana said Akwa Ibom and Rivers States secured a combined judgment of approximately $3.3bn, while Bayelsa State obtained a separate judgment of $951m.
He alleged that the Federal Government had yet to comply with the relevant judgments.
$29bn Linked To Alleged Oil Theft, Undeclared Exports
The senior advocate also demanded the recovery of $29bn linked to alleged crude oil theft and undeclared petroleum exports.
He cited findings attributed to lawyers engaged by the Nigerian Maritime Administration and Safety Agency (NIMASA), who reportedly identified 60.2 million barrels of crude oil, valued at approximately $12.7bn, allegedly stolen from Nigeria and discharged at the Port of Philadelphia in the United States between 2011 and 2014.
He said nine civil recovery cases were subsequently instituted at the Federal High Court in Abuja and Lagos.
Falana also referred to a 2016 House of Representatives investigation which reportedly identified $17bn worth of crude oil and liquefied natural gas exported without proper records during the same period.
He urged Akpabio to facilitate action by the Economic and Financial Crimes Commission (EFCC) to pursue the recovery of the alleged proceeds from the companies involved.
Falana Accuses NNPCL Of Withholding $23.1bn NLNG Dividends
Falana further alleged that NNPCL failed to remit $23.1bn in dividends attributable to the Federal Government's 49 per cent shareholding in Nigeria LNG Limited (NLNG).
He argued that dividends received on behalf of the Federal Government should have been transferred into the Federation Account in accordance with Section 162 of the 1999 Constitution, as amended.
He maintained that the failure to remit the alleged outstanding dividends required urgent legislative and regulatory intervention.
₦66.4bn, $6.071bn In Outstanding Industry Revenues
The lawyer also cited the Nigerian Extractive Industries Transparency Initiative's (NEITI) 2022/2023 Independent Oil and Gas Industry Report, which reportedly identified $6.071bn and ₦66.4bn in outstanding collectible revenues owed by oil and gas companies as of June 2024.
According to Falana, copies of the report were forwarded to both chambers of the National Assembly in November 2024.
He urged lawmakers to support NEITI in pursuing the recovery of the outstanding payments rather than allowing the alleged liabilities to remain unresolved.
Demands Recovery Of $2.9bn Refinery Rehabilitation Funds
Falana also questioned the expenditure of approximately $2.98bn on the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
The Federal Executive Council approved $1.5bn for the Port Harcourt refinery rehabilitation in April 2021 and another $1.48bn for the Warri and Kaduna facilities in August 2021.
He cited subsequent operational difficulties, including the shutdown of the Warri refinery in January 2025 and the planned maintenance shutdown of the Port Harcourt facilities in May 2025.
Falana argued that the contractors had breached their rehabilitation agreements and called on the EFCC to investigate the projects and pursue the recovery of the contract sums where breaches and recoverable losses are established.
Threatens Federal High Court Action
Falana maintained that recovering the alleged outstanding revenues would strengthen public finances, increase funds available to the Federal Government and state governments, and reduce dependence on external borrowing.
He therefore urged the National Assembly to ensure that the relevant authorities initiate recovery measures without further delay.
The lawyer warned that failure to act within 14 days of receiving his letter would trigger legal proceedings at the Federal High Court to compel Akpabio to discharge the responsibilities of his office.
The allegations and outstanding figures now raise questions about revenue accountability, the enforcement of court judgments, the management of public oil assets and the effectiveness of oversight institutions in Nigeria's petroleum sector.
The figures represent claims and recovery demands advanced by Falana, not a judicial determination that every amount is presently due and recoverable.