The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPCL) over allegations that the company failed to properly account for large sums of oil revenue running into billions of naira and millions in foreign currencies.
According to a statement released on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation is asking the court to compel the national oil company to explain what happened to N22.3 billion, $49.7 million, £14.3 million and €5.2 million said to be missing from its records. The lawsuit was prompted by findings contained in the 2022 audited report of the Auditor-General of the Federation, which was published on September 9, 2025.
The Auditor-General’s report reportedly highlighted several troubling issues, including unremitted revenues, questionable financial transactions, abandoned projects and contracts executed without proper documentation. These findings, SERAP said, point to long-standing weaknesses in financial accountability and transparency within the NNPCL.
The suit, numbered FHC/ABJ/CS/195/2026, was filed last Friday at the Federal High Court in Abuja. Through the action, SERAP is seeking an order of mandamus that would require the NNPCL to give a full account of how the disputed funds were spent or, where appropriate, to recover the money.
Specifically, the organisation is asking the court to direct the oil company to disclose details of all financial transactions linked to the alleged missing funds. This includes information on how the money was disbursed, the contractors or entities involved, and the individuals who received payments.
SERAP argued that the allegations reflect deeper, systemic accountability problems within the NNPCL. The group noted that the apparent diversion or mismanagement of oil revenues is closely connected to the company’s failure to uphold basic standards of openness and responsible financial management.
Beyond institutional concerns, SERAP stressed that the issue has serious consequences for ordinary Nigerians. According to the organisation, missing oil revenues have weakened the country’s economic development, worsened poverty levels and denied citizens the benefits that should flow from Nigeria’s vast natural resources.
The organisation maintained that granting the reliefs sought would help curb impunity in the oil sector and rebuild public confidence in how national resources are managed. It said recovering the funds or properly accounting for them would serve the interests of Nigerians, who are the ultimate owners of the country’s oil wealth.
In its court filings, SERAP also pointed out that the Auditor-General has consistently raised alarm over unaccounted oil revenues over several years. These repeated findings, the group said, show that the problem is persistent and costly, as funds meant for public services such as healthcare, education and infrastructure continue to disappear.
SERAP further argued that tackling corruption in the oil sector would play a key role in reducing poverty, improving access to essential services and enabling the government to meet its constitutional, human rights and anti-corruption obligations.
The suit was filed on SERAP’s behalf by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, who cited examples of allegedly inflated contracts, abandoned projects and undocumented expenditures from the Auditor-General’s report. They warned that such practices have worsened Nigeria’s fragile economy and increased government borrowing despite the country’s oil wealth.
No hearing date has yet been announced for the case.
