The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for missing or diverted oil revenues totalling ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
The suit follows allegations contained in the 2022 audited report by the Auditor-General of the Federation, which was published on September 9, 2025. According to SERAP, the report raised serious concerns over unaccounted oil funds and questionable financial transactions by the national oil company.
Filed last Friday at the Federal High Court in Abuja, the suit was instituted by SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke. The organisation is seeking an order of mandamus compelling NNPCL to fully account for the alleged missing or diverted funds. SERAP also asked the court to direct NNPCL to disclose specific details of the transactions involved, including how the money was disbursed and the identities of contractors or individuals who received the funds.
SERAP argued that the alleged diversion of oil revenues reflects a broader failure of transparency and accountability within NNPCL. The group said the missing funds have negatively affected Nigeria’s economic development, deepened poverty and deprived citizens of access to essential public services.
According to the organisation, the Auditor-General has repeatedly documented cases of disappearing oil revenues over the years, with Nigerians bearing the consequences. SERAP maintained that addressing corruption in the oil sector would improve access to public goods, reduce poverty and help Nigeria meet its human rights and anti-corruption obligations.
The lawsuit cited several allegations from the audit report, including a ₦292 million payment made in 2020 for the construction of an Accident and Emergency facility along Airport Road in Abuja, which was allegedly abandoned by the contractor after receiving the funds. It also alleged that NNPCL spent over £14 million on repairs to its London office in 2021 without evidence of the expenditure.
Additionally, the report claimed that over $22 million was irregularly paid to a contractor for lifting crude oil cargoes, with discrepancies in revenue remittances remaining unexplained. No hearing date has been fixed for the suit.
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