The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over its alleged failure to account for N22.3bn, $49.7m, £14.3m and €5.2m in oil revenue.
This was disclosed in a statement issued by SERAP Deputy Director, Kolawole Oluwadare, on Sunday
The action follows allegations contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025, which documented multiple instances of unaccounted payments, abandoned contracts and irregular financial transactions by the national oil company.
In the suit marked FHC/ABJ/CS/195/2026, filed last Friday at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling the NNPCL to explain how the funds were spent or to recover them.
SERAP urged the court to “direct and compel the NNPCL to account for the alleged missing or diverted N22.3bn, $49.7m, £14.3m and €5.2m oil money.”
The organisation further asked the court to compel the company to “disclose the specific financial transactions carried out in respect of the alleged missing or diverted funds, including details of disbursement, the contractors involved and other individuals who collected the money.”
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👉 JOIN WHATSAPP CHANNELAccording to SERAP, the allegations highlight deep-rooted accountability failures within the NNPCL.
“The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” the organisation stated.
SERAP added that the alleged missing funds had far-reaching consequences for ordinary Nigerians.
“The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities,” it said.
The group argued that granting the reliefs sought would help curb impunity and restore public trust in the management of Nigeria’s oil resources.
“Granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money and ensure that the money is returned for the sake of NNPCL’s victims — Nigerians,” SERAP said.
In court documents, SERAP noted that the Auditor-General had repeatedly raised concerns over the disappearance of oil revenues over the years.
“The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil funds meant to provide essential public services,” the organisation stated.
SERAP also argued that addressing corruption in the oil sector would have a direct impact on poverty reduction.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations,” it said.
The suit, filed by SERAP’s lawyers Oluwakemi Agunbiade and Valentina Adegoke, cited several examples from the Auditor-General’s report, including payments for contracts allegedly abandoned, inflated or executed without documentation.
“The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government,” the lawyers stated.
They added, “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
SERAP maintained that the allegations suggested “a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and Nigeria’s international obligations.”
No date has been fixed for the hearing of the suit.
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