The Socio-Economic Rights and Accountability Project, SERAP, has instituted a lawsuit against the Nigerian National Petroleum Company Limited over its alleged failure to properly account for N22.3bn, $49.7m, £14.3m and €5.2m in oil revenue.
The development was disclosed in a statement released on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare.
The lawsuit follows allegations contained in the 2022 audited report of the Auditor-General of the Federation, which was published on September 9, 2025, and detailed several cases of unaccounted payments, abandoned projects, and questionable financial dealings by the national oil company.
In the suit, marked FHC/ABJ/CS/195/2026 and filed last Friday at the Federal High Court in Abuja, SERAP is asking the court to issue an order of mandamus directing 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 also 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.”
According to SERAP, the allegations point to longstanding accountability 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 organisation stated.
SERAP further noted that the alleged disappearance of the funds has had serious implications 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 said.
The organisation argued that granting the reliefs sought would help check impunity and rebuild public confidence 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 its court filings, SERAP pointed out that the Auditor-General had consistently raised alarm over missing 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 maintained that tackling corruption in the oil sector would significantly reduce poverty levels.
“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 legal team, Oluwakemi Agunbiade and Valentina Adegoke, cited several 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 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 concluded that the allegations amount 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 been scheduled for the case.
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