Falana Demands Recovery of $123 Billion Oil Funds

Human rights lawyer Femi Falana has petitioned the National Assembly to compel the Nigerian National Petroleum Company Limited (NNPCL) and various oil firms to remit $123.17bn and N66.4bn in uncollected revenues to the Federation Account.

In a formal letter dated October 28, 2026, Falana gave authorities a 14-day ultimatum to launch recovery procedures or face legal action in the Federal High Court.

He argued that retrieving these outstanding funds would reduce reliance on foreign loans and boost revenue across all tiers of government.

The petition outlines substantial uncollected funds, including $62bn in unpaid production-sharing royalties identified after a 2018 Supreme Court ruling, $23.1bn in unremitted Nigeria LNG dividends held by NNPCL, and $29bn linked to stolen crude oil exported to the United States.

Falana demands recovery of 3bn in oil funds (News Central TV) — Falana demands recovery of $123bn oil funds. Credit: The Guardian Nigeria News

Falana also highlighted $6.071bn and N66.4bn in unpaid taxes cited in NEITI’s industry audit, alongside $2.98bn spent on refinery rehabilitation contracts where facilities failed shortly after completion.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.