February 01, (THEWILL) — The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its alleged failure to account for missing or diverted oil revenues amounting to N22.3 billion, $49.7 million, £14.3 million, and €5.2 million.
The suit, numbered FHC/ABJ/CS/195/2026, was filed last Friday at the Federal High Court in Abuja, following allegations contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025.
In the action, SERAP is seeking an order of mandamus compelling the NNPCL to account for the funds and provide full details of the transactions involved.
Specifically, SERAP is asking the court to direct the NNPCL to disclose how the alleged missing sums were disbursed, including the identities of contractors, beneficiaries, and other individuals who received the funds.
“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,” SERAP argued in its filings.
The organisation added that “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.”
The organisation stated that the allegations have negatively impacted Nigeria’s economic development, deepened poverty levels, and deprived citizens of essential public services.
It noted that successive reports by the Auditor-General have consistently raised concerns about unaccounted oil revenues at the NNPCL.
“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 money meant to provide essential public services,” the organization noted.
SERAP further contended that tackling corruption in the oil sector would help alleviate poverty, improve access to basic services, and strengthen Nigeria’s compliance with its constitutional, human rights, and anti-corruption obligations.
The suit, filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, alleged that the missing oil revenues have worsened Nigeria’s fragile economy and contributed to rising deficit spending and borrowing.
According to the organization, “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 cited several instances from the Auditor-General’s report, including alleged payments for abandoned or unexecuted contracts, undocumented expenditures, irregular contract renewals, and failure to remit statutory taxes.
Specific allegations include N292 million paid for an abandoned Accident and Emergency Facility in Abuja, £14 million spent on repairs to the London office without evidence of execution, and €5 million paid for jetty operations without supporting documents.
SERAP maintained that the findings point to grave violations of public trust, the Nigerian Constitution, and international anti-corruption obligations. No date has yet been fixed for the hearing of the suit.
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