FALANA PUTS AKPABIO ON NOTICE OVER BILLIONS IN ALLEGEDLY UNRECOVERED OIL REVENUES

By NaijaParrot | October 30, 2026 

 Abuja, Nigeria 

 Senior Advocate of Nigeria and human rights lawyer, Femi Falana, has challenged Senate President Godswill Akpabio to initiate urgent action towards recovering billions of dollars and naira allegedly owed to the Federal Government by the Nigerian National Petroleum Company Limited (NNPCL) and other oil and gas companies. Falana, in a letter dated October 28, 2026, reportedly demanded the recovery of $123.17 billion and ₦66.4 billion in outstanding oil-related revenues, urging the National Assembly to ensure that the funds are returned to the Federation Account. 

 The senior lawyer warned that failure to commence recovery measures within 14 days of receiving his letter would leave his law firm with no option but to approach the Federal High Court for legal intervention.

 One of the major components of Falana’s demand is approximately $62 billion in oil royalties which he alleges international oil companies failed to pay over an 18-year period. He linked the alleged outstanding payments to the non-implementation of provisions of the Deep Offshore and Inland Basin Production Sharing Contracts Act, which provides for adjustments to royalty payments under specified crude oil price conditions. 

 also referred to previous legal proceedings involving Akwa Ibom, Bayelsa and Rivers states, which sought to compel the Federal Government to enforce the relevant provisions and recover the outstanding revenues. 

 The lawyer also raised concerns over approximately $23.1 billion in dividends allegedly due to the Federal Government through its 49 per cent ownership interest in Nigeria LNG Limited. 

 According to Falana, the funds were received through NNPCL but were allegedly not transferred into the Federation Account as required. He argued that such revenue should be properly accounted for and remitted in line with Section 162 of the 1999 Constitution, as amended. 

 Another major issue highlighted in the letter concerns approximately $29 billion linked to alleged crude oil theft and petroleum exports that were reportedly not properly documented.

 Falana cited investigations and reports involving crude oil shipments and alleged irregularities in the recording of petroleum exports, calling for relevant authorities, including the Economic and Financial Crimes Commission, to pursue the recovery of public funds. 

 He also referenced outstanding industry revenues of $6.071 billion and ₦66.4 billion, citing findings contained in the Nigerian Extractive Industries Transparency Initiative’s 2022/2023 oil and gas industry report. 

 Falana further questioned the expenditure on the rehabilitation of the Port Harcourt, Warri and Kaduna refineries. He reportedly called for the recovery of approximately $2.98 billion approved for the projects, alleging that the contractors failed to fulfil their contractual obligations. 

 The lawyer pointed to subsequent operational difficulties and shutdowns involving the facilities as reasons for demanding further accountability over the rehabilitation expenditure.  

Falana maintained that recovering the alleged outstanding revenues would provide additional resources for the Federation and reduce the country’s dependence on external borrowing. He therefore called on the Senate President and other relevant authorities to ensure that appropriate recovery measures are initiated. 

 The 14-day deadline places renewed attention on accountability in Nigeria’s petroleum sector, particularly the management of oil revenues, public contracts and funds expected to accrue to the Federation Account. It remains important to note that the amounts and allegations outlined in Falana’s letter are claims requiring verification and appropriate legal or official determination. 

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