By Francis Ajuonuma
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 oil revenues estimated at ₦129 billion.
The suit, marked FHC/ABJ/CS/195/2026, was filed last Friday at the Federal High Court in Abuja and is based on findings contained in the 2022 audited report of the Auditor-General of the Federation, published on September 9, 2025.
According to SERAP, the disputed sums comprise ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million, which, at prevailing exchange rates, amount to a combined total of about ₦129 billion.
In the suit, SERAP is seeking an order of mandamus compelling NNPCL to account for the alleged missing or diverted funds and to disclose full details of all related financial transactions, including contractors, beneficiaries and disbursement records.
SERAP argued that the alleged diversion of oil revenues reflects a systemic failure of accountability within NNPCL and violates the principles of transparency and good governance enshrined in the Nigerian Constitution and anti-corruption laws.
“The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” the organisation said in court filings.
The group added that recovery of the funds would help curb impunity, improve public services and protect Nigerians who continue to suffer economic hardship despite the country’s oil wealth.
The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, who said the alleged financial irregularities have further weakened Nigeria’s fragile economy and contributed to rising deficit spending and public debt.
“The grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s international obligations,” the lawyers stated.
The 2022 audit report cited multiple transactions between 2019 and 2021, including payments for abandoned contracts, unexplained foreign expenditures, irregular staff benefits and failure to deduct or remit statutory taxes.
Among the highlighted cases were payments of over ₦292 million for an abandoned Abuja project, £14.3 million allegedly spent on repairs to NNPCL’s London office without supporting documents, and ₦2.3 billion paid as cash options to staff without regulatory approval.
SERAP said these transactions point to widespread financial irregularities and possible diversion of public funds.
“The Auditor-General has for many years documented reports of the disappearance of oil money from NNPCL. Nigerians continue to bear the brunt of these missing funds meant to provide essential public services,” SERAP stated.
No date has been fixed for the hearing of the suit.
