SERAP sues NNPCL over unaccounted N22.3bn, Millions in Oil Funds

By Kazeem Ugbodaga

The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) before the Federal High Court in Abuja over what it described as the company’s failure to account for alleged missing oil revenues amounting to N22.3 billion, $49.7 million, £14.3 million and €5.2 million.

The suit follows allegations contained in the 2022 audited report of the Auditor-General of the Federation, published on 9 September 2025, which raised multiple red flags over financial transactions and contract payments within the national oil company.

In the suit marked FHC/ABJ/CS/195/2026, filed last Friday, SERAP is seeking an order of mandamus compelling NNPCL to fully account for the allegedly missing or diverted funds.

The organisation is also asking the court to direct the company to disclose details of all financial transactions linked to the sums, including disbursements, contractors and beneficiaries.

SERAP argued that the alleged diversion of oil revenues reflects a broader failure of accountability and transparency at NNPCL. The group stated that granting the reliefs sought would help curb impunity, ensure recovery of public funds and return the money for the benefit of Nigerians.

According to SERAP, the Auditor-General has repeatedly documented cases of missing oil revenues over the years, noting that such losses have undermined economic development, deepened poverty and denied citizens access to essential public services.

The organisation further contended that corruption in the oil sector has contributed to rising deficit spending and government borrowing, despite Nigeria’s vast oil wealth.

It maintained that tackling corruption in the sector would improve access to public goods and strengthen Nigeria’s human rights and anti-corruption obligations.

SERAP cited several transactions flagged by the Auditor-General, including payments for abandoned or unexecuted contracts, undocumented foreign currency expenditures, irregular staff payments, failure to deduct statutory taxes, inflated consultancy fees and unremitted operating surpluses running into billions of naira.

The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke. No date has yet been fixed for the hearing.