Falana seeks recovery of $123bn in oil funds

Human rights lawyer, Femi Falana, SAN, has called for the recovery of more than $123 billion and N66.4 billion allegedly owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and other oil and gas companies.

Falana, in a letter dated October 28, 2026, addressed to the Senate President and copied to the Speaker of the House of Representatives, urged the authorities to initiate measures to recover the funds, which he said comprised outstanding oil royalties, proceeds of alleged crude oil theft, unpaid dividends, taxes and other revenues.

The senior lawyer warned that failure to initiate recovery measures within 14 days of receiving the letter woul...