The Socio-Economic Rights and Accountability Project (SERAP) has instituted a fresh lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil firm of failing to properly account for large sums of oil revenue allegedly missing or misappropriated.
The legal action, filed last Friday at the Federal High Court in Abuja under suit number FHC/ABJ/CS/195/2026, is anchored on revelations contained in the 2022 audited report of the Auditor-General of the Federation, which was made public on September 9, 2025.
In the suit, SERAP is asking the court to issue an order of mandamus compelling NNPCL to provide a full account of the alleged missing funds, put at ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million. The organisation also wants the oil company directed to disclose details of the transactions involved, including how the funds were disbursed, the contractors engaged, and individuals or entities that allegedly received the payments.
SERAP argues that the alleged diversion of oil revenues highlights a broader and persistent failure of transparency and accountability within NNPCL, noting that such practices undermine public trust and violate constitutional and anti-corruption obligations.
According to the group, the missing funds have contributed to Nigeria’s economic hardship, deepened poverty levels, and denied citizens access to essential public services. SERAP insists that granting the reliefs sought would help curb impunity in the oil sector and ensure that any recovered funds are returned for the benefit of Nigerians.
The rights group further noted that reports by successive Auditors-General have repeatedly raised concerns over unaccounted oil revenues at NNPCL, yet little has changed, leaving Nigerians to bear the consequences of the alleged financial leakages.
Court documents filed by SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke, detail numerous transactions queried by the Auditor-General. These include payments for contracts allegedly abandoned, consultancy and charter hire fees paid without proper documentation, irregular tax deductions, inflated or renewed contracts without due process, and large sums paid for projects with little or no evidence of execution.
Among the allegations are payments running into millions of naira and foreign currencies for refinery projects, crude oil lifting, office repairs abroad, vessel charter services, consultancy engagements, and infrastructure works, many of which the Auditor-General reportedly flagged as undocumented, irregular, or potentially diverted.
SERAP maintains that the alleged financial irregularities have worsened Nigeria’s fiscal position, increased deficit spending and borrowing, and represent a grave breach of public trust.
No hearing date has yet been fixed for the suit.
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