The Socio-Economic Rights and Accountability Project has instituted a legal action against the Nigerian National Petroleum Company Limited over its alleged failure to account for billions of naira and foreign currencies in oil revenue.
In the suit, SERAP accused the national oil company of failing to explain the use of ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million, as highlighted in the 2022 audited report of the Auditor-General of the Federation.
The organisation disclosed this in a statement on Sunday, signed by its Deputy Director, Kolawole Oluwadare.
According to SERAP, the Auditor-General’s report, published on September 9, 2025, detailed several cases of unremitted funds, questionable payments, abandoned projects and financial transactions allegedly carried out without proper documentation by the NNPCL.
The suit, marked FHC/ABJ/CS/195/2026, was filed last Friday at the Federal High Court in Abuja. SERAP is asking the court to issue an order of mandamus compelling the NNPCL to either provide a full explanation of how the funds were spent or recover the money.
The group urged the court to compel the company to “account for the alleged missing or diverted oil revenues and make public the details of the transactions involved.”
SERAP also wants the NNPCL to disclose “the beneficiaries of the funds, including contractors and other individuals, as well as the nature of the payments and how they were authorised.”
The organisation described the allegations as evidence of persistent accountability failures within Nigeria’s oil sector.
“These revelations point to a broader breakdown of transparency and accountability within the NNPCL, which continues to undermine public confidence in the management of the country’s oil resources,” SERAP stated.
It added that the alleged diversion of oil revenue had worsened economic hardship for millions of Nigerians.
“The disappearance of these funds has deepened poverty, weakened economic development and denied citizens access to basic public services,” the group said.
SERAP argued that granting the reliefs sought would help address systemic corruption and curb impunity in the oil sector.
“An order compelling accountability would send a strong signal that no institution is above the law and that public resources must be managed in the interest of Nigerians,” it said.
In the court documents filed by SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke, the organisation noted that concerns over missing oil revenues had appeared repeatedly in reports by the Auditor-General over the years.
“For many years, audit reports have raised red flags over the disappearance of oil funds from the NNPCL, yet Nigerians continue to bear the consequences through poor service delivery and rising public debt,” the documents read.
SERAP further argued that tackling corruption in the oil sector could significantly reduce poverty and improve access to essential services.
“Addressing corruption in the management of oil revenue would strengthen the government’s capacity to meet its human rights obligations and reduce the country’s reliance on deficit spending and borrowing,” the organisation said.
The group maintained that the alleged mismanagement of oil revenue amounted to a violation of the Nigerian Constitution, anti-corruption laws and the country’s international commitments.
No date has been fixed for the hearing of the case.
