SERAP frowns at AGF advice on NNPC’s missing $20bn

LAGOS—Socio-Economic Rights and Accountability Project, SERAP,  has chided the  Attorney General of the Federation and Minister of Justice, AGF, Mr. Mohammed Adoke over his alleged advice to  Nigerian National Petroleum Corporation that the corporation has legal obligation to remit only its net earnings after deducting cost of its operations to the government’s covers.

The AGF was quoted to have advised the NNPC based on its  Act to remit only to the federation account, its net earnings.

The NGO called on the AGF to order the corporation to submit itself for probe by the anti- corruption agencies over the alleged missing $20 billion oil money.

“We, therefore, ask Mr. Adoke to urgently refer the NNPC to appropriate anti-corruption agencies so that the confusion around the missing $20 billion oil money can be resolved once and for all, and suspected perpetrators brought to justice.”

In the statement by  its Executive Director, Adetokunbo Mumuni, the group said; “The advice by Mr Adoke is patently inconsistent with the letter and spirit of Section 162 of the Constitution, which is to establish a dedicated account into which all public revenue by the Federal Government shall be paid, as well as to remove any arbitrary and non-transparent and non-accountable spending of public revenue.

“In the first place, the use of the words ‘all public revenue’ in Section 162(1) suggests that the constitution allows no distinction between net revenue and gross revenue. Secondly, the NNPC Act relied upon by Mr. Adoke cannot override the clear provisions of Section 162, and the sacred principle that the Constitution is the supreme law of the land.”