The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over its alleged failure to account for a staggering N825 billion and $2.5 billion meant for refinery rehabilitation and other oil sector revenues.
The legal action, filed last Friday at the Federal High Court in Lagos, followed revelations in the 2021 audited report by the Auditor-General of the Federation, Adolphus Aghughu, released on November 27, 2024.
The report raised concerns about unaccounted deductions and expenditures by NNPCL across various transactions, leading to suspicions that significant amounts of public funds may have been diverted.
In the suit marked FHC/L/MISC/722/25, SERAP is seeking an order compelling NNPCL to provide a detailed account of the funds and to remit the alleged missing amounts into the Federation Account.
The organisation is also asking the court to direct the identification, surcharge, and prosecution of all individuals responsible for the mismanagement.
“These are grave allegations,” said Kolawole Oluwadare, SERAP’s Deputy Director. “They represent a serious breach of public trust and a violation of the Nigerian Constitution, anti-corruption laws, and international obligations.
The NNPCL has consistently failed to account for public resources, and this lawsuit aims to ensure that those responsible are held to account.”
SERAP maintained that the Auditor-General’s findings, which referenced unjustified deductions from crude sales, uncollected revenues, and suspicious payments, point to systemic issues within the NNPCL’s financial operations.
The report also indicated that these unremitted funds may have affected the government’s ability to fund the national budget, forcing Nigeria to rely heavily on borrowing.
“The vast majority of Nigerians have seen little benefit from the country’s oil wealth. Instead, billions meant to rehabilitate the refineries have disappeared without a trace,” SERAP said in a statement. “We are demanding justice for Nigerians, many of whom are trapped in poverty while public officials mismanage critical funds.”
The organisation stressed that accountability and transparency in the oil sector are essential to Nigeria’s economic recovery and democratic stability.
It also urged the court to ensure that public funds are recovered and that those complicit in their disappearance face consequences.
