Human rights lawyer, Femi Falana (SAN), has given Senate President Godswill Akpabio 14 days to initiate steps towards recovering $123.17 billion and ₦66.4 billion allegedly owed to the Federal Government by the Nigerian National Petroleum Company Limited (NNPCL) and other oil and gas companies.
Falana made the demand in a letter dated October 28, 2026, addressed to Akpabio and copied to the Speaker of the House of Representatives.
In the letter, the senior lawyer urged the National Assembly to ensure that the outstanding funds are recovered and remitted into the Federation Account.
According to Falana, the alleged outstanding debts cover several areas, including unpaid oil royalties, proceeds from alleged crude oil theft, unremitted dividends from Nigeria LNG Limited (NLNG), unpaid taxes and other oil-related revenues.
He specifically identified $62 billion in outstanding royalties allegedly owed by international oil companies, as well as $29 billion linked to alleged crude oil theft and undeclared oil and gas exports.
Falana also accused NNPCL of failing to remit $23.1 billion in dividends received on behalf of the Federal Government from its 49 per cent stake in NLNG.
Additionally, he cited a Nigerian Extractive Industries Transparency Initiative (NEITI) report which reportedly identified $6.071 billion and ₦66.4 billion in outstanding collectible revenues as of June 2024.
The lawyer further called for the recovery of approximately $2.9 billion spent on the rehabilitation of the Port Harcourt, Warri and Kaduna refineries, alleging that the contractors failed to fulfil their contractual obligations.
Falana maintained that recovering the funds would significantly improve government revenue and reduce Nigeria’s dependence on external borrowing.
He warned that failure to initiate recovery measures within 14 days of receiving his letter would leave his firm with no option but to approach the Federal High Court to compel Akpabio to discharge his constitutional and official responsibilities.
The development comes amid growing concerns over Nigeria’s oil revenue management and the amount of money allegedly owed to the Federal Government by companies operating in the petroleum sector.
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