Daud Olatunji
The Human and Environmental Development Agenda (HEDA Resource Centre) has urged the Attorney-General of the Federation (AGF), Prince Lateef Fagbemi, SAN, to take decisive action in recovering over $55 billion owed to the Nigerian government by international oil companies (IOCs).
This significant sum is tied to outstanding revenues under the Deep Offshore and Inland Basin Production Sharing Contract Act, as ruled by the Supreme Court in 2018.
HEDA’s call, communicated through a formal letter by its solicitor, Bolarinwa Elijah Aidi, SAN, draws attention to the Supreme Court’s judgment in Suit No. SC/964/2016.
The judgment, delivered on October 17, 2018, mandates that the revenue-sharing formula between Nigeria and the IOCs be adjusted whenever crude oil prices exceed $20 per barrel.
This adjustment, however, has not been enforced since 2004, despite oil prices having consistently surpassed the threshold, leading to a backlog of uncollected funds that could inject much-needed resources into Nigeria’s struggling economy.
The letter emphasizes the urgent need for the Attorney-General to act, particularly as previous efforts were derailed by various maneuvers from the IOCs, and a controversial decision by former Attorney-General Abubakar Malami, SAN, who suspended recovery actions in 2020.
The delay in collecting these funds, HEDA argues, has contributed to Nigeria’s worsening economic challenges, depriving the country of critical revenue at a time when the Naira is under immense pressure and national development projects are starved of funds.
HEDA’s position is clear: the immediate recovery of the $55 billion is not only a legal obligation but also a critical step toward stabilizing the Nigerian economy.
The organization insists that failure to act swiftly on this Supreme Court directive will result in further legal actions aimed at protecting the financial interests of the Nigerian people.
According to HEDA, recovering these funds will bolster the nation’s financial reserves, provide relief for key infrastructure projects, and strengthen the local currency.
The anti-corruption body reiterated its commitment to accountability and transparency, warning that any further delays could lead to heightened legal battles to ensure Nigeria receives its rightful share of revenue.
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