The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over allegations that the company failed to account for oil revenues totalling ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
The suit follows claims contained in the 2022 audited report by the Auditor-General of the Federation, which was published on September 9, 2025.
SERAP, through its lawyers Oluwakemi Agunbiade and Valentina Adegoke, filed the case last Friday at the Federal High Court in Abuja.
The organisation is asking the court to issue an order of mandamus compelling NNPCL to provide a full account of the allegedly missing or diverted funds.
In addition, SERAP wants the court to direct the oil company to disclose details of the financial transactions linked to the funds, including how they were disbursed and the names of contractors or individuals who received the money.
According to SERAP, the alleged diversion of oil revenues reflects a wider accountability problem within NNPCL and highlights what it described as the company’s continued failure to uphold transparency and accountability standards.
The organisation argued that granting its requests would help curb impunity, ensure recovery of the funds, and return them for the benefit of Nigerians.
SERAP also said the allegations have negatively affected Nigeria’s economic development, worsened poverty, and denied citizens access to opportunities and essential public services.
The group noted that the Auditor-General has repeatedly reported cases of missing oil revenues over the years, adding that Nigerians continue to bear the burden of lost funds meant for public welfare.
“Combating corruption in the oil sector would alleviate poverty, improve Nigerians’ access to basic public goods and services, and enhance the government’s ability to meet its human rights and anti-corruption obligations,” SERAP stated.
In parts of the suit, SERAP argued that the alleged diversion has further weakened Nigeria’s fragile economy, contributing to rising deficit spending and increased government borrowing.
The organisation also maintained that despite Nigeria’s oil wealth, many citizens have seen little benefit due to corruption and what it described as a culture of impunity within the national oil company.
SERAP said the Auditor-General’s findings point to serious breaches of public trust, constitutional provisions, anti-corruption laws, and Nigeria’s international obligations.
According to the 2022 audit report, NNPCL reportedly failed to account for the sums listed.
The report also cited a case in which the company allegedly paid over ₦292 million in 2020 for the construction of an Accident and Emergency Facility along Airport Road, Abuja, but the contractor was said to have abandoned the project after receiving the funds.
The Auditor-General reportedly expressed concern that the money may have been diverted and recommended that it be recovered and remitted to the Treasury.
