The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over failure to account for alleged missing N22.3bn, $49.7m, £14.3m and €5.2m in oil revenue.
In a Sunday statement signed by SERAP’S Deputy Director, Kolawole Oluwadare, the suit followed what it described as “damning allegations documented in the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025.”
The allegations were contained in the suit number FHC/ABJ/CS/195/2026 filed last Friday at the Federal High Court in Abuja.
The statement reads, “We’re seeking an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money.
“We are also asking the court to direct and compel @nnpclimited to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.”
According to the Rights group, the alleged misappropriated oil revenues reflect a failure of NNPCL to uphold the principles of transparency and accountability.
The statement added, “The diverted or misappropriated oil revenues reflect a failure of @nnpclimited accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
“The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
“The Auditor-General has for many years documented reports of disappearance of oil money from the @nnpclimited.
“Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in @nnpclimited, and the entrenched culture of impunity of perpetrators,” the statement concluded..See More