Femi Falana, human rights lawyer, says $12.7 billion worth of crude oil was stolen from Nigeria between 2011 and 2014.
According to THISDAY, Falana made the comment on Thursday while speaking at the 40th anniversary celebration of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.
He called on the oil union to prevail on the government to trace the funds, saying past efforts to do so have been unsuccessful.
“We have identified who the oil majors are and the shipping companies involved, but since 2014, we have been begging the Nigeria government to recover the money.”
He said the offshore and inland sharing contract act which provided that for 50 years, no royalty would be collected from oil and gas mined from below 1,000 meters depth had already expired in 2014.
The senate recently began a probe of a $3.5 billion “subsidy recovery fund” allegedly being managed by two people — Maikanti Baru, group managing director (GMD) of the Nigeria National Petroleum Corporation (NNPC), and the corporation’s finance director.