NIGERIA’S NNPCL FACED WITH LAWSUIT OVER ALLEGED UNACCOUNTED N500 BILLION
The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company (NNPC) Limited to court over allegations that it failed to account for N500 billion in revenue.
The lawsuit stems from a World Bank report that claimed the NNPCL remitted only N600 billion out of N1.1 trillion in revenue from crude sales and other income in 2024. SERAP is seeking a court order to compel the NNPCL to explain the whereabouts of the missing N500 billion and to investigate the spending of the said amount.
The NNPCL had previously claimed that the Freedom of Information Act does not apply to it in response to SERAP’s request for information. However, SERAP argues that the company should be held accountable for its financial dealings.
The organization is asking the court to direct the NNPCL to invite anti-corruption agencies to probe the alleged missing funds and to recover and remit the money to the Federation Account. The case highlights concerns over transparency and accountability in Nigeria’s oil industry.
