The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over what it calls the “failure to account for allegedly missing or diverted oil revenues” totaling ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.
Background of the Case
According to SERAP Deputy Director, Kolawole Oluwadare, the legal action follows damning findings documented in the 2022 audited report by the Auditor-General of the Federation, published on 9 September 2025. The lawsuit was filed last Friday at the Federal High Court in Abuja.
The group is seeking a court order of mandamus to compel the NNPCL to:
- Account for the alleged missing or diverted funds.
- Disclose specific financial transactions related to the sums, including disbursement details, contractors, and individuals involved.
SERAP’s Argument
SERAP argues that the missing oil revenues reflect a broader failure of accountability within NNPCL and undermine transparency in Nigeria’s oil sector. The organization stated that recovering the funds would:
- Counter the impunity of those responsible.
- Return resources to Nigerians who are deprived of essential public services.
- Mitigate poverty and improve access to basic public goods and services.
“The Auditor-General has for many years documented disappearances of oil money from the NNPCL,” SERAP noted. “Nigerians continue to bear the brunt of these missing funds, which are meant to provide essential public services.”
The organization also emphasized that addressing corruption in the oil sector is crucial for economic development, poverty alleviation, and upholding human rights and anti-corruption obligations.
