Socio-Economic Rights and Accountability Project has dragged the Nigerian National Petroleum Company Limited to court over failure to account for missing or diverted oil funds totalling ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
The suit is sequel to the allegations in the 2022 audited report by the Auditor-General of the Federation, published on September 9, 2025.
Filed last Friday at the Federal High Court in Abuja by SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke, the organisation is seeking “an order of mandamus to direct and compel NNPCL to account for the alleged missing or diverted ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money.”
SERAP is also asking the court to “direct and compel NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted funds, including details of disbursement, contractors and other individuals who collected the money.”
In the suit, SERAP argued that “the diverted or misappropriated oil revenues reflect a broader failure of accountability at NNPCL and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
According to the organisation, granting the reliefs sought would “strike a blow against the impunity of those responsible for the missing or diverted oil money and ensure that the funds are returned for the sake of NNPCL’s victims — Nigerians.”
“The allegations have undermined the country’s economic development, trapped many Nigerians in poverty and deprived them of opportunities,” SERAP added.
The group further stated that the Auditor-General has, over the years, documented cases of disappearing oil revenues from NNPCL, with Nigerians bearing the burden of funds meant for essential public services.
“Combating corruption in the oil sector would alleviate poverty, improve Nigerians’ access to basic public goods and services, and enhance the government’s ability to meet its human rights and anti-corruption obligations,” SERAP said.
Parts of the lawsuit read: “The diverted or misappropriated oil revenues have further damaged the already fragile economy and contributed to high levels of deficit spending and government borrowing.
“Despite Nigeria’s enormous oil wealth, ordinary Nigerians have derived little benefit from oil money, largely because of widespread corruption within NNPCL and an entrenched culture of impunity.”
The suit added that the allegations by the Auditor-General suggest grave violations of public trust, the Nigerian Constitution, national anti-corruption laws and Nigeria’s international obligations.
According to the 2022 audited report, NNPCL failed to account for over ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million.
It said NNPCL in 2020 reportedly paid over ₦292 million for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja, but the contractor allegedly abandoned the project after collecting the funds.
The Auditor-General expressed concern that the money may have been diverted and recommended that it be recovered and remitted to the Treasury.
The report also alleged that NNPCL in 2021 spent over £14 million to repair its London office without evidence of the expenditure.
In addition, NNPCL was said to have “irregularly paid” over $22 million to a contractor for lifting nine cargoes of crude oil, while failing to explain discrepancies in revenue remittances for the same period.
Meanwhile, no date has been fixed for the hearing of the suit.
