Key Takeaways
- Femi Falana has given authorities 14 days to begin recovering over $123 billion and ₦66.4 billion he alleges NNPCL and other companies owe the Federation Account.
- Falana alleged that international oil companies owed about $62 billion in royalties left uncollected over 18 years because authorities failed to implement the relevant law.
- Falana urged the National Assembly to support recovery efforts, warning that his firm would approach the Federal High Court if authorities failed to meet the deadline.
Human Rights Lawyer, Femi Falana, has threatened to sue the relevant authorities if they fail to begin recovering billions of dollars and naira allegedly owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and other oil and gas companies within 14 days.
Falana said more than $123 billion and ₦66.4 billion could be recovered from unpaid oil royalties, alleged crude oil theft, undeclared exports, outstanding dividends, taxes and other government revenues.
Naija News understands that in a letter dated October 28, 2026, addressed to the Senate President and copied to the Speaker of the House of Representatives, the Senior Advocate of Nigeria (SAN) urged the National Assembly to take steps to ensure the funds are recovered.
He warned that his law firm would approach the Federal High Court if the relevant authorities failed to act within 14 days of receiving the letter.
Falana backed his demand with court judgments, government reports and findings from legislative investigations. He outlined five major areas where he believes the government can recover the money.
The lawyer alleged that about $62 billion in oil royalties had remained uncollected from international oil companies over 18 years because provisions of the Deep Offshore and Inland Basin Production Sharing Contracts Act were not implemented.
He cited a Supreme Court consent judgment delivered on October 20, 2018, which directed the Federal Government to collect outstanding royalties under the law and pay oil-producing states their 13 per cent derivation entitlements after recovery.
According to Falana, the Federal High Court later gave judgments in favour of Akwa Ibom and Rivers states for a combined $3.3 billion, while Bayelsa State secured a separate judgment for $951 million.
He alleged that the Federal Government had yet to comply with the judgments and called for the outstanding funds to be recovered.
Falana also called for the recovery of about $29 billion linked to alleged crude oil theft and undeclared oil and gas exports.
He referred to findings attributed to a team of Nigerian lawyers engaged by the Nigerian Maritime Administration and Safety Agency (NIMASA), which reportedly identified about 60.2 million barrels of crude oil valued at $12.7 billion.
According to the findings cited in the letter, the crude oil was allegedly discharged at a port in Philadelphia, United States, between 2011 and 2014.
The lawyer also referred to an investigation by a House of Representatives ad hoc committee into undeclared crude oil and liquefied natural gas exports during the same period.
He said the committee found that oil and gas exports worth $17 billion had been shipped without proper records.
Falana urged the authorities to pursue the recovery of the money from the companies allegedly involved. He acknowledged, however, that civil cases filed by NIMASA over the matter were still pending before the Federal High Court.
The senior lawyer further alleged that NNPCL had failed to remit $23.1 billion in dividends due to the Federal Government from its 49 per cent stake in Nigeria LNG Limited to the Federation Account.
