The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for missing or diverted oil revenues amounting to billions of naira and millions in foreign currencies.
In a statement issued 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 provide a full account of the alleged missing ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
According to SERAP, the legal action followed findings contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025, which reportedly revealed unaccounted oil revenues and financial irregularities within the company.
The rights group is also asking the court to direct NNPCL to disclose comprehensive details of the transactions linked to the funds, including records of disbursements, as well as the identities of contractors and individuals alleged to have received the monies.
SERAP said the alleged diversion or misappropriation reflects systemic accountability failures within NNPCL and underscores persistent concerns about transparency and good governance in Nigeria’s oil sector.
“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 successive reports by the Auditor-General have consistently highlighted the disappearance of oil revenues, raising alarm over entrenched corruption and impunity in the management of the country’s oil wealth.
Despite Nigeria’s vast petroleum resources, SERAP argued that ordinary citizens have continued to see little benefit, largely due to financial mismanagement and weak oversight.
The group maintained that the missing funds could have been deployed to critical sectors such as healthcare, education, infrastructure, and social welfare, which remain underfunded.
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As of the time of filing this report, NNPCL had not issued an official response to the lawsuit, and no hearing date had been fixed by the court.
The case is expected to intensify public scrutiny of financial practices and accountability within Nigeria’s oil and gas sector.
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