Foremost Nigerian attorney, Femi Falana has disclosed that Nigeria lost $12.7bn dollars of its oil money under Jonathan.

Where Did Falana Say This?  According to THISDAY, Falana said this at the 40th anniversary celebration of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, held in Abuja, the Federal Capital Territory.

What Did Falana Reveal?

He revealed that 60.2 million barrels of oil was taken away from the country and discharged at a port in Philadelphia, US, saying in addition, that the records are with the Nigerian Maritime Administration and Safety Agency (NIMASA).

He called on the management of PENGASSAN to prevail on the government to trace the funds, saying previous efforts to do the needful have been unsuccessful.

“The study revealed that the value of the money from oil stolen from Nigeria is $12.7 billion. The oil was discharged in one port,” he said.

“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.”

What Is The Offshore and Inland Sharing Contract Act?

Falana  called for the immediate recovery of any form of royalties accrued to the federation account since 2014 from oil companies.

He revealed that 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 lapsed in 2014.

Yet Another Corruption In The Oil Sector Revealed?

Falana’s claim comes on the heels of similar allegations of corruption in the country’s oil sector.

The senate recently, on the observation of Minority Leader, Senator Abiodun Olujimi launched investigation into 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 Director of Finance.

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