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 running into billions of naira and millions of foreign currencies.
In a statement on Sunday, SERAP disclosed that the suit, marked FHC/ABJ/CS/195/2026, was filed last Friday at the Federal High Court in Abuja. The organisation is seeking an order of mandamus compelling NNPCL to account for the alleged missing ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
According to SERAP, the action followed revelations contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025, which reportedly documented unaccounted oil revenues and financial irregularities within the company.
The rights group is also asking the court to direct NNPCL to disclose detailed records of the transactions linked to the funds, including information on disbursements, contractors, and individuals who allegedly collected the money.
SERAP said the alleged diversion or misappropriation reflects broader accountability failures within NNPCL and highlights the institution’s continued inability to uphold transparency and good governance principles.
“The missing oil revenues have undermined Nigeria’s economic development, deepened poverty, and deprived citizens of essential public services,” the organisation stated.
It further noted that reports by the Auditor-General over the years have consistently pointed to the disappearance of oil revenues, raising concerns about entrenched corruption and impunity in the oil sector.
Despite Nigeria’s vast oil wealth, SERAP argued that ordinary citizens have benefited little due to widespread financial mismanagement and lack of accountability.
The group maintained that Nigerians continue to suffer the consequences of missing public funds that should have been invested in healthcare, education, infrastructure, and social welfare.
As of the time of filing this report, NNPCL had not issued an official response to the lawsuit, and no hearing date has been fixed by the court.
The case is expected to further intensify public scrutiny of financial practices in Nigeria’s oil and gas sector.
