Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to direct the Nigerian National Petroleum Company Limited to immediately reverse the second increase in petrol prices in one month, pending the hearing and determination of the suit before the Federal High Court, Abuja challenging the legality of the powers of the NNPCL to increase petrol prices.

According to a statement on Sunday by SERAP Deputy Director, Kolawole Oluwadare, the organisation had last month filed a lawsuit against the President and NNPCL “over the failure to reverse the unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”

The statement read, “The latest increase in petrol prices makes a mockery of the case pending before the Federal High Court, and creates a risk that the course of justice will be seriously impeded or prejudiced in this case.

“One of the fundamental principles of the rule of law is that it applies to everyone, including presidents and CEOs of public institutions.

“It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”

SERAP also said allowing the Federal High Court to hear and determine the case would be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], “your oath of office and oft-repeated promises to uphold the rule of law.”

The letter, read in part, “SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.’

“Increasing petrol prices while the Federal High Court case is pending would prejudice and undermine the ability of the court to do justice in the case, damage public confidence in the court, prejudice the outcome of the case, as well as impede the course of justice.

“We would be grateful if the recommended measures are immediately taken following the receipt and/or publication of this letter, failing which SERAP shall consider contempt proceedings and/or other appropriate legal actions to compel your government and NNPCL to comply with our request in the public interest.”

SERAP also warned that if not immediately reversed, the latest increase in petrol prices would seriously undermine the integrity of the Nigerian Constitution and have serious consequences for the most vulnerable and disadvantaged Nigerians and the public interest.

“Protecting the right to a judicial recourse and due administration of justice is of utmost importance, being the cornerstone of an ordered society.

“The only way in which SERAP can have a fair and effective access to justice in this matter is to allow the court to decide, one way or the other, on the merits of the case before it.

“Reversing the latest increase in petrol prices would allow the court to render a decision on the central issues in the case, and protect the applicant’s rights and interests.

“The latest increase in petrol prices while the Federal High Court case is pending constitutes an interference with the right of SERAP to fairly and effectively pursue a judicial challenge to the decision by your government and NNPCL regarding the first increase in petrol prices” the statement added.

SERAP noted that according to its information, the Nigerian National Petroleum Company Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets, saying that the retail price of petrol was increased from N897 to N1,030 per litre.

“This is the second increase in one month, and followed the increase in September from N600 to N855 per litre, and in some instances above N900 per litre.”

“The two increases followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion of oil revenues into the Federation Account. The Auditor-General fears that the money may have been diverted into private pockets.

“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL, without any justification, deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources, now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”

It added that the NNPCL has failed to account for the missing public funds, pointing out that the Auditor-General wants the money recovered and remitted into the Federation Account.

“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue to the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.”

“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.”

“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.”

“SERAP last month filed a lawsuit asking your government and NNPCL challenging the lawfulness of the increase in the pump price of petrol, and the failure to probe the allegations of corruption and mismanagement in the NNPCL.”

SERAP stressed that increasing petrol prices would compromise the interest of the Applicant in the Federal High Court case filed against the federal government and the NNPCL, as the second increase in one month directly touches on the central issues and the legality of the first increase, which the court is set to determine and rule upon.

“The core of the principle of judicial independence is the complete liberty of the judge to hear and decide the cases before them based on facts and in accordance with the law, without any improper interference, direct or indirect,” SERAP averred.

At the Nigeria Fintech Week 2024, experts and stakeholders urged Africa to become intricately involved in formulating AI governance, ensuring the continent is not left behind in the global discourse to regulate and innovate while asserting its voice in the international dialogue on AI regulations.

Artificial intelligence is advancing across the globe, and Africa cannot afford to remain silent on regulation. This was stressed during a panel session titled “Global Al Regulation: The Role of Africa and the Global South,” moderated by Oremeyi Akah, Chief Customer Experience Officer at Interswitch.

Oremeyi Akah opened the discussion, stating that “The global conversation has largely focused on AI and its development, but we believe it’s time for Africa and the global South to take its place at the table and begin to drive conversations that focus on our own local context and reality. I’m a big fan of Africa, and I believe that Africa has huge potential. However, Africans cannot afford to stay silent at this time of such relevant and edge-cutting technologies.

“Africa is home to the highest concentration of workforce now and projected into the future. So definitely, we cannot just sit, however technology goes; we must be relevantly driving and participating in the conversation.”

Bola Adesina, Director at Bola Adesina Consulting, further reiterated the need for African nations to take part in global discussions. “For me, this is the first time I can say we’re all starting from the same point. In the West, they have the funds and resources, but I believe now is an amazing time in Africa’s history to actually make itself known and create functional discussions around AI,” she said.

Adesina pointed out that Africa has been excluded from important discussions about AI governance. “While the concept of AI has advanced, research from Africa has largely been overlooked. We need to prioritize the voices of minorities and establish regulations not just from governments but also from institutions and the international community. We are here, and we must be included in these conversations.”

Laylaa Okike, Chief Commercial Officer for Africa at Traderoot, also addressed the importance of inclusivity in AI regulations. “What comes to mind is the need for inclusivity in our considerations,” she said. “Given our context and diverse experiences, I believe we should focus on three key aspects including diverse representation, cultural context, as well as access and equity. If we approach it this way, we can discuss global adoption in a similar manner.”

Adetoyese Adedokun, Director at Maycode, added another perspective, noting the unique opportunity for Africa to establish its own AI regulations. “We must recognize that while there are elements that can be beneficial in existing solutions, we also have the chance to create African-centric opportunities. This can be costly, but it brings huge opportunities for businesses,” he explained.

Ikem Isiekwena, Managing Partner at SimmonsCooper Partners, provided historical context by referencing a past Congress to illustrate the ongoing challenges in the regulatory sector. “The concept that the Global North has a complete understanding of AI is not necessarily accurate. They are still learning because AI requires huge amounts of data,” he explained.

“Consider the energy resources needed to power AI and the massive data centres where this processing takes place. We are discussing the importance of energy efficiency in this context.”

The panellists stressed the urgent need for collaboration among African nations to create a unified regulatory framework.

Africa has an unignorable role to play in the global AI conversation, particularly as the continent thrives to overcome the challenges and opportunities presented by this technology.

“The continent must participate in shaping the future of AI governance to ensure that its unique context and local needs are integrated into the global discourse.”

The world’s largest corporations have paid $700 billion in monetary penalties linked to regulatory infringements in 45 countries since 2010, according to Violation Tracker Global, a new database created by the U.S. non-governmental organization Good Jobs First.

Major banks, especially those based in the USA and Europe, account for more than one-third of the penalties.

Ninety-five parent companies have received $1bn or more in penalties.

Violation Tracker Global, which builds on previous databases focused on the U.S. and U.K., provides free access to information on corporate misconduct and regulatory infringements worldwide.

“Violation Tracker Global documents a broad spectrum of misconduct by multinational corporations in their global operations,” said Philip Mattera, director of the Violation Tracker project.

“We hope this tool will support corporate accountability initiatives in various countries, including the EU’s Corporate Sustainability Due Diligence Directive,” he added.

Violation Tracker Global documents over 50,000 regulatory penalties imposed on 1,600 multinational corporations and their subsidiaries by 700 regulatory agencies and courts in the world’s largest economies in both the Global North and the Global South

The cases in Violation Tracker Global are divided into eight broad offense groups: Competition/Antitrust, Consumer Protection, Employment, Environment, Financial, Government Contracting, Healthcare, and Safety.

Each entry is also tagged with one of about 100 more specific offense categories, such as privacy/data protection violations, bribery, money laundering, and workplace safety. Some countries do not disclose data in all these categories.

Entries include additional details, such as a description of the offense, the monetary penalty (both in the original currency and the equivalent in U.S. dollars), and a link back to the information source, which in most cases is the website of the regulatory agency.

The report lists all the countries and jurisdictions covered by Violation Tracker Global, including: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Czech Republic, Denmark, the European Commission, the European Free Trade Association, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, Malaysia, Mexico, the Netherlands, New Zealand, Nigeria, Norway, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom, the USA, and Vietnam.

Additionally, bribery cases from the African Development Bank, the Inter-American Development Bank, and the World Bank are also included.