The Socio-Economic Rights and Accountability Project has initiated legal proceedings against the Nigerian National Petroleum Company Limited over its alleged failure to remit ₦500 billion in oil revenue to the Federation Account between October and December 2024.
Filed at the Federal High Court in Lagos under suit number FHC/L/MSC/553/2025, SERAP is requesting an order of mandamus compelling the NNPCL to explain the missing funds and to involve relevant anti-corruption bodies to investigate and recover the money.
The action comes in response to recent claims by the World Bank that out of the ₦1.1 trillion generated from crude oil sales and related income during the period, the NNPCL only remitted ₦600 billion—leaving a deficit of ₦500 billion unaccounted for.
In a statement signed by SERAP Deputy Director, Kolawole Oluwadare, the group stated, “The NNPCL’s refusal to account for the missing ₦500 billion not only violates the Nigerian Constitution but also contradicts international anti-corruption commitments made by Nigeria.”
The organization highlighted that NNPCL, through its legal representatives Afe Babalola & Co, responded to an earlier Freedom of Information (FOI) request by claiming that the FOI Act does not apply to it. However, SERAP insists that recent rulings from the Supreme Court affirm that the FOI Act covers public institutions, including NNPCL.
SERAP argues that this alleged revenue mismanagement has worsened the country’s fiscal challenges. “The disappearance of such a significant sum has further strained Nigeria’s fragile economy, contributing to deficit financing and mounting public debt,” the statement said.
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The lawsuit calls for the identification of those allegedly responsible for the fund mismanagement and urges their prosecution by appropriate authorities. It also seeks full recovery of the funds for redistribution among federal, state, and local governments.
According to SERAP, “There is a legitimate public interest in understanding why these funds were not remitted and why states and local governments have been denied their rightful allocations.”
The organization emphasized that oil revenues should be used for the development and well-being of all Nigerians. “The persistent lack of transparency and accountability in NNPCL’s operations has deprived millions of Nigerians access to basic public goods and services,” Oluwadare said.
Citing sections of the Nigerian Constitution and international treaties like the UN Convention against Corruption, SERAP stressed that transparency in the oil sector is critical to alleviating poverty and strengthening governance.
“The FOI Act, Section 39 of the Constitution, Article 9 of the African Charter on Human and Peoples’ Rights, and Article 19 of the ICCPR all guarantee Nigerians the right to know how public funds are managed,” SERAP added.
No date has been set yet for the hearing of the case.
