By Kazeem Ugbodaga
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its failure to account for a staggering N500 billion in oil revenues allegedly missing between October and December 2024.
This legal move follows a damning revelation by the World Bank, which claimed that NNPCL generated N1.1 trillion from crude oil sales and other income during the period but remitted only N600 billion to the Federation Account.
In response to SERAP’s Freedom of Information (FoI) request, NNPCL, through its legal representatives, Afe Babalola and Co, argued that the FoI Act does not apply to it.
SERAP disagrees and has taken the matter to the Federal High Court in Lagos, seeking an order compelling NNPCL to explain the missing funds, invite anti-corruption agencies to investigate, and ensure full recovery and remittance of the money.
Filed under suit number FHC/L/MSC/553/2025, SERAP is demanding that those responsible be identified, surcharged, and prosecuted, stressing that the missing funds have worsened Nigeria’s debt burden and denied citizens access to essential public services.
“The NNPCL’s refusal to remit this revenue is a violation of the Constitution, national anti-corruption laws, and international obligations,” SERAP stated, adding that this lack of transparency reflects a deeper crisis in the oil sector.
Citing recent Supreme Court rulings affirming the applicability of the FoI Act to all public records, including those of the NNPCL, SERAP maintains that Nigerians have a right to know the whereabouts of the country’s oil wealth.
The suit, filed by SERAP’s legal team—Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke—warns that failure to recover the funds could worsen the cost-of-living crisis and deepen poverty across the country.
No date has been set for the hearing.
