Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL). This action is due to its alleged failure to account for missing or diverted oil funds totalling ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
The suit followed allegations in the 2022 audited report. The Auditor-General of the Federation published it on September 9, 2025.
The organisation filed the case last Friday at the Federal High Court in Abuja. SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke, presented it. It is seeking “an order of mandamus to direct and compel NNPCL to account for the alleged missing or diverted ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money.”
SERAP is also asking the court to direct and compel NNPCL to disclose the specific financial transactions related to the alleged missing or diverted funds. This includes details of disbursement. It also covers contractors and other individuals who collected the money.
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In the suit, SERAP argued that the diverted or misappropriated oil revenues reflect a broader failure of accountability at NNPCL. These issues are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
According to the organisation, granting the reliefs sought would “strike a blow against the impunity of those responsible for the missing or diverted oil money. It would guarantee that the funds are returned for the sake of NNPCL’s victims — Nigerians.”
“The allegations have undermined the country’s economic development, trapped many Nigerians in poverty and deprived them of opportunities,” SERAP added.
The group further stated that the Auditor-General has documented cases of disappearing oil revenues from NNPCL over the years. Nigerians bear the burden of funds meant for essential public services.
“Combating corruption in the oil sector would alleviate poverty. It would improve Nigerians’ access to basic public goods and services. It would also enhance the government’s ability to meet its human rights and anti-corruption obligations,” SERAP said.
Parts of the lawsuit read: “The diverted or misappropriated oil revenues have further damaged the already fragile economy and contributed to high levels of deficit spending and government borrowing.
“Despite Nigeria’s enormous oil wealth, ordinary Nigerians have derived little benefit from oil money, largely because of widespread corruption within NNPCL and an entrenched culture of impunity.”
The suit added that the allegations by the Auditor-General suggest grave violations of public trust. They also suggest violations of the Nigerian Constitution, national anti-corruption laws, and Nigeria’s international obligations.
According to the 2022 audited report, NNPCL neglected to account for over ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
It said NNPCL in 2020 reportedly paid over ₦292 million for a contract. The contract was to construct an Accident and Emergency Facility along Airport Road, Abuja. Nonetheless, the contractor allegedly abandoned the project after collecting the funds.
The Auditor-General expressed concern that the money may have been diverted. He recommended that it be recovered and remitted to the Treasury.
The report also alleged that NNPCL in 2021 spent over £14 million to repair its London office. There was no evidence of the expenditure.
In addition, NNPCL was reported to have “irregularly paid” over $22 million to a contractor for lifting nine cargoes of crude oil. They failed to explain discrepancies in revenue remittances for the same period.
Meanwhile, no date has been fixed for the hearing of the suit.
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