The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, demanding full accountability for alleged unremitted oil revenues totalling N22.3 billion, $49.7 million, £14.3 million and €5.2 million.
The suit, marked FHC/ABJ/CS/195/2026 and filed last Friday, seeks an order of mandamus to compel the NNPCL to explain how the funds were spent or to recover them if they cannot be properly accounted for.
In a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the action was prompted by findings in the 2022 audited report of the Auditor-General of the Federation, which was made public on September 9, 2025. The report highlighted several cases of unaccounted payments, abandoned contracts and irregular financial transactions within the national oil company.
SERAP is asking the court to direct the NNPCL to “account for the alleged missing or diverted N22.3bn, $49.7m, £14.3m and €5.2m oil money” and to disclose details of the specific transactions, including disbursements, contractors involved and individuals who received the funds.
The organisation described the allegations as evidence of persistent accountability gaps at the NNPCL. “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,” the statement read.
SERAP further argued that the alleged unaccounted funds have worsened the country’s economic challenges and deepened poverty among citizens. “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities,” it said.
The group stressed that the Auditor-General has, over several years, consistently flagged the disappearance of oil revenues from the NNPCL in annual reports, yet the issues remain unresolved. “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 funds meant to provide essential public services,” SERAP noted.
In court filings by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, SERAP cited specific irregularities drawn from the Auditor-General’s report, including payments for contracts that were allegedly abandoned, inflated or executed without proper documentation.
The lawyers argued that the alleged diversion has contributed to high deficit spending and increased borrowing by the government. “The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government,” they stated.
They added that, despite Nigeria’s vast oil wealth, ordinary citizens have seen little benefit because of entrenched corruption and impunity in the sector, particularly within the NNPCL.
SERAP maintained that the case represents a serious breach of public trust and violates provisions of the Nigerian Constitution, national anti-corruption laws and the country’s international obligations.
The organisation said success in the suit would help curb impunity, restore confidence in the management of oil resources and ensure recovered funds are used for public benefit. “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,” it stated.
It also linked transparency in the oil sector to broader socio-economic progress. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
No date has yet been fixed for hearing of the suit.
