SERAP SUES NNPCL OVER ALLEGED MISSING ₦22.3BN, $49.7M, £14.3M, €5.2M OIL FUNDS

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for missing or diverted oil revenues amounting to N22.3 billion, $49.7 million, £14.3 million and €5.2 million.

In a statement signed by SERAP’s Deputy Director, Kolawole Oluwadare, on February 1, 2026, in Lagos, says the suit follows allegations contained in the 2022 audited report by the Auditor-General of the Federation, published on September 9, 2025, which detailed numerous financial irregularities within the national oil company.

Filed last Friday at the Federal High Court in Abuja, the suit marked FHC/ABJ/CS/195/2026 seeks an order of mandamus compelling NNPCL to account for the alleged missing funds and to disclose full details of the financial transactions involved, including disbursements, contractors, and other beneficiaries.

SERAP is also asking the court to compel the oil company to provide details of how the funds were spent and to ensure recovery of the money for the benefit of Nigerians.

In the suit, SERAP argued that the alleged diversion or misappropriation of oil revenues reflects a broader failure of accountability at NNPCL and violates principles of transparency, constitutional provisions, national anti-corruption laws, and Nigeria’s international human rights and anti-corruption obligations.

The organisation said granting the reliefs sought would help curb impunity, ensure recovery of the funds, and alleviate the economic hardship faced by Nigerians.

According to SERAP, the Auditor-General’s reports over the years have consistently documented cases of missing oil revenues at NNPCL, depriving Nigerians of funds meant for essential public services and economic development.

The lawsuit, filed on SERAP’s behalf by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, stated that the alleged missing oil funds have further weakened Nigeria’s economy and contributed to rising deficit spending and borrowing.

SERAP highlighted several instances cited in the Auditor-General’s report, including abandoned contracts allegedly paid for but not executed, irregular payments to contractors, undocumented expenditures, failure to deduct and remit statutory taxes, inflated contracts, and payments made without proper approvals or supporting documents.

Among the allegations are payments for abandoned infrastructure projects, questionable crude oil lifting transactions, irregular staff payments, failure to remit operating surpluses, undocumented consultancy fees, and unexecuted refinery, depot and pipeline-related contracts across several years.

The Auditor-General reportedly expressed fears that many of the payments may have been diverted and recommended recovery of the funds and remittance to the treasury.

SERAP maintained that combating corruption in the oil sector would reduce poverty, improve access to public services, and enhance the government’s ability to meet its human rights and anti-corruption obligations.

No date has yet been fixed for the hearing of the suit.