The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company Limited (NNPCL) to court over its alleged failure to account for ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million in oil revenue.
The organisation disclosed the lawsuit in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.
Lawsuit Anchored on Auditor-General’s Findings
The legal action follows allegations contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025. According to SERAP, the report documented several cases of unaccounted payments, abandoned contracts, and questionable financial transactions linked to NNPCL.
Consequently, SERAP filed the suit, marked FHC/ABJ/CS/195/2026, last Friday at the Federal High Court in Abuja.
Through the case, SERAP is asking the court to issue an order of mandamus compelling NNPCL to explain how it spent the funds or to recover the money.
SERAP Demands Full Financial Disclosure
In addition, SERAP urged the court to direct NNPCL to account for the allegedly missing or diverted oil revenues across the four currencies.
The organisation also asked the court to compel NNPCL to disclose detailed records of the transactions involved. Specifically, SERAP wants information on how the funds were disbursed, the contractors linked to the payments, and the individuals who collected the money.
According to SERAP, the allegations expose deep and persistent accountability gaps within the national oil company.
The group said the alleged diversion of oil revenues reflects a broader failure by NNPCL to uphold transparency and accountability standards.
Impact on Nigerians, SERAP Says
Meanwhile, SERAP said the missing funds have serious consequences for ordinary Nigerians. The organisation argued that the alleged diversion has slowed economic development, worsened poverty levels, and denied citizens access to opportunities and essential public services.
As a result, SERAP said granting the reliefs sought would help curb impunity and restore public confidence in the management of Nigeria’s oil resources.
The organisation added that a court order would ensure any recovered funds benefit Nigerians directly.
Auditor-General Raised Repeated Concerns
In its court filings, SERAP noted that the Auditor-General has raised concerns over missing oil revenues linked to NNPCL for several years.
According to the organisation, Nigerians continue to bear the burden of missing oil funds that should have supported public services.
Furthermore, SERAP argued that tackling corruption in the oil sector would directly reduce poverty and improve access to basic public goods.
Legal Team and Wider Implications
SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke, filed the suit on the organisation’s behalf.
In their filings, the lawyers cited several examples from the Auditor-General’s report. These include payments for contracts allegedly abandoned, inflated, or executed without proper documentation.
They argued that the alleged diversion of oil revenues has weakened Nigeria’s economy and contributed to rising deficit spending and increased government borrowing.
Ultimately, the lawyers said that despite Nigeria’s vast oil wealth, widespread corruption and entrenched impunity—particularly within NNPCL—have prevented citizens from benefiting meaningfully from oil revenues.
SERAP maintained that the allegations point to serious violations of public trust, the Nigerian Constitution, national anti-corruption laws, and Nigeria’s international obligations.
No date has been fixed for the hearing.