SERAP sues NNPC over alleged missing N22.3bn, $49.7m, £14.3m, €5.2m oil revenue

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its alleged failure to account for huge sums of oil revenues reportedly missing or diverted, amounting to N22.3 billion, USD $49.7 million, £14.3 million and €5.2 million.

The suit follows what SERAP described on their Facebook page as damning revelations contained in the 2022 audited report of the Auditor-General of the Federation, published on 9 September 2025, which raised serious concerns over unaccounted oil revenues involving NNPC Limited.

The case, filed last Friday at the Federal High Court, Abuja, is marked Suit No: FHC/ABJ/CS/195/2026. SERAP is seeking an order of mandamus to compel NNPC Limited to provide a full and transparent account of the alleged missing or diverted funds.

According to SERAP, the court is being urged to direct NNPC Limited to disclose specific financial transactions relating to the oil revenues in question, including detailed records of disbursements, the contractors involved, and the individuals or entities that allegedly received the funds.

SERAP argued that the alleged diversion or misappropriation of oil revenues reflects a broader and persistent failure of accountability within NNPC Limited, noting that the institution has continued to fall short of basic standards of transparency expected of a public company managing Nigeria’s most critical economic resource.

The organisation further stated that the allegations have had grave consequences for Nigeria’s socio-economic development, worsening poverty levels and depriving millions of citizens of access to essential public services such as healthcare, education, and infrastructure.

“The failure to properly account for oil revenues has undermined economic development and trapped the majority of Nigerians in poverty,” SERAP said, adding that such practices deny citizens the benefits of the country’s vast natural wealth.

SERAP noted that the Auditor-General of the Federation has, over the years, repeatedly documented cases of missing oil revenues involving NNPC Limited, with little or no accountability for those allegedly responsible.

Despite Nigeria’s status as Africa’s largest oil producer, SERAP lamented that ordinary Nigerians have derived minimal benefit from oil earnings, largely due to widespread grand corruption, entrenched impunity, and weak enforcement of accountability mechanisms, particularly within the oil sector.

The group stressed that Nigerians continue to bear the burden of these missing oil funds, which were meant to support national development and improve living standards.

SERAP is therefore asking the court to intervene in the public interest, insisting that compelling NNPC Limited to account for the funds would promote transparency, deter corruption, and reaffirm the principle that public resources must be managed for the benefit of all Nigerians.

The Federal High Court is expected to fix a date for the hearing.