Falana seeks recovery of $123bn in oil funds

Nigerian lawyer Femi Falana urged the Senate and relevant authorities to recover more than $123 billion and N66.4 billion allegedly owed to the Federation Account by NNPCL and other oil and gas companies. In a letter dated October 28, 2026, he cited $62 billion in unpaid royalties, $29 billion linked to alleged oil theft and undeclared exports, and $23.1 billion in Nigeria LNG dividends that he said had not been remitted. Falana gave the authorities 14 days to act, warning that his firm would otherwise ask the Federal High Court to compel them to begin recovery proceedings. He cited court judgments and legislative investigations, and alleged that the government had failed to comply with rulings in favour of oil-producing states.