The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for oil revenues totalling N22.3 billion, $49.7 million, £14.3 million and €5.2 million.
The development was disclosed in a statement on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare.
The lawsuit stems from allegations contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025. The report reportedly highlighted several cases of unremitted payments, abandoned projects and questionable financial transactions linked to the national oil company.
Filed last Friday at the Federal High Court in Abuja, the suit, marked FHC/ABJ/CS/195/2026, seeks an order of mandamus compelling the NNPCL to account for how the funds were utilised or to recover them.
SERAP asked 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 urged the court to mandate 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.”
According to SERAP, the allegations underscore persistent accountability and transparency lapses 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 group said.
SERAP also argued that the alleged loss of funds has had serious consequences for 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 stated.
The organisation maintained that a favourable ruling would help curb impunity and rebuild confidence in the management of Nigeria’s oil wealth.
“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 its court filings, SERAP noted that concerns about missing oil revenues had been repeatedly raised by the Auditor-General 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 said.
SERAP further argued that tackling corruption in the oil sector would directly benefit Nigerians by reducing poverty and improving access to public services.
“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 added.
The suit was filed on SERAP’s behalf by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, who cited examples from the Auditor-General’s report, including payments for contracts allegedly abandoned, inflated or carried out without proper 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 said.
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 concluded that the allegations point to “a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and Nigeria’s international obligations.”
No hearing date has yet been fixed by the court.
