Falana Calls on Senate to Recover $123bn Oil Funds

Human rights lawyer Femi Falana has requested the National Assembly to compel the recovery of $123.17 billion in alleged outstanding oil royalties, taxes, and dividends, along with N66.4 billion from the Nigerian National Petroleum Company Limited and other oil companies. In a letter dated 28 October 2026, Falana warned of potential legal action at the Federal High Court if the authorities do not act within 14 days.

The outstanding amounts include $62 billion in unpaid oil royalties, $23.1 billion in unremitted dividends from Nigeria LNG Limited, and $6.071 billion in industry revenues. Falana referenced a Supreme Court judgment from 20 October 2018, which mandated the Federal Government to collect royalties accrued over 18 years under the Deep Offshore and Inland Basin Production Sharing Contracts Act.

He noted that Akwa Ibom, Bayelsa, and Rivers states had previously secured judgments for their entitlements from these royalties, which the Federal Government has yet to comply with. Additionally, Falana called for the recovery of $29 billion linked to alleged crude oil theft.