Human rights lawyer Femi Falana has given the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, a 14-day ultimatum to begin the recovery of $120.5 billion and N66.4 billion allegedly owed to the Federation Account by the Nigerian National Petroleum Company Limited, 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 cited court judgments, government reports, and findings by oversight agencies to support the claims.
According to him, the funds consist of uncollected royalties, proceeds from alleged crude oil theft, unremitted dividends, unpaid taxes and revenues, as well as funds spent on refinery rehabilitation projects.
Falana warned that legal action would be taken against the Attorney-General if immediate steps were not initiated to recover the money.
The senior advocate said the largest portion of the alleged debt is $62 billion in outstanding royalties owed by international oil companies, which he blamed on the Federal Government’s failure to implement provisions of the Deep Offshore and Inland Basin Production Sharing Contracts Act over an 18-year period.
He also demanded the recovery of $29 billion linked to alleged crude oil theft and undeclared exports between 2011 and 2014.
In addition, Falana alleged that $21.5 billion in dividends from Nigeria LNG Limited was received by the NNPCL but not remitted to the Federation Account.
Citing a report by the Nigerian Extractive Industries Transparency Initiative, he further claimed that oil and gas companies still owe $6.07 billion and N66.4 billion in outstanding revenues.
Falana also urged the Federal Government to recover $2.9 billion reportedly spent on the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries, alleging that contractors failed to deliver on the projects despite receiving payment.
He maintained that if the Attorney-General fails to commence recovery proceedings within 14 days, ASCAB would approach the Federal High Court to compel the recovery of the funds.
According to Falana, recovering the alleged debts would boost government revenue, reduce dependence on external borrowing, and strengthen the Nigerian economy.
