The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) 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 follows allegations contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025, which detailed numerous questionable transactions and unaccounted expenditures within the state-owned oil company.
Filed last Friday at the Federal High Court in Abuja under suit number FHC/ABJ/CS/195/2026, the action seeks an order of mandamus compelling NNPCL to provide a full account of the disputed funds.
SERAP is asking the court to direct the company to disclose specific financial transactions related to the alleged missing sums, including details of disbursements, contractors involved, and individuals who received the payments.
In its filings, SERAP argues that the alleged diversion and misappropriation of oil revenues reflect a broader failure of transparency and accountability within NNPCL, and constitute a violation of public trust.
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The organisation maintains that recovering the funds would help curb impunity and ensure that the money is returned for the benefit of Nigerians, whom it describes as the ultimate victims.
SERAP further contends that the alleged financial irregularities have undermined Nigeria’s economic development, worsened poverty levels, and deprived citizens of essential public services.
According to the group, successive reports by the Auditor-General have repeatedly flagged the disappearance of oil revenues, with Nigerians continuing to bear the consequences.
The suit, filed on SERAP’s behalf by lawyers Oluwakemi Agunbiade and Valentina Adegoke, states that the alleged mismanagement of oil income has aggravated Nigeria’s fragile economy and contributed to rising deficit spending and government borrowing.
Despite Nigeria’s vast oil wealth, the group argues, ordinary citizens have seen little benefit due to entrenched corruption and a culture of impunity.
SERAP’s court documents cite multiple transactions highlighted in the Auditor-General’s report, including payments for contracts allegedly abandoned or never executed, irregular consultancy fees, undocumented foreign currency expenditures, failure to deduct and remit statutory taxes, inflated or prematurely renewed contracts, and operating surpluses reportedly not remitted to government reserves.
Among the allegations are claims that NNPCL paid hundreds of millions of naira for projects that were not completed or lacked documentation, irregularly disbursed foreign currency payments for crude lifting and overseas repairs, and made questionable settlements and consultancy payments without approvals or supporting records.
The Auditor-General repeatedly warned that many of the funds “may have been diverted” and called for recovery and remittance to the treasury.
SERAP argues that tackling corruption in the oil sector would significantly reduce poverty, improve access to public services, and strengthen Nigeria’s ability to meet its constitutional, human rights, and anti-corruption obligations.
No date has yet been fixed for the hearing of the suit.