Iyunade Grace
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 funds totaling ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million. The suit, filed at the Federal High Court in Abuja, seeks an order of mandamus compelling NNPCL to explain how the funds were spent or to recover them .
SERAP’s lawsuit is based on allegations documented in the 2022 audited report by the Auditor-General of the Federation, published on September 9, 2025. The report highlights multiple instances of unaccounted payments, abandoned contracts, and irregular financial transactions by NNPCL. SERAP argues that these allegations reflect a broader failure of accountability within NNPCL and undermine the country’s economic development.
The alleged missing funds have far-reaching consequences for ordinary Nigerians, who have derived little benefit from the country’s oil wealth due to widespread corruption and impunity. SERAP emphasizes that addressing corruption in the oil sector would alleviate poverty, improve access to basic public goods and services, and enhance the government’s ability to meet its human rights and anti-corruption obligations .
NNPCL has been accused of irregular payments, including over $22 million to a contractor for lifting crude oil without adequate explanation, and failure to deduct statutory taxes from payments made to contractors and service providers. The Auditor-General has expressed concerns that these funds may have been diverted or misappropriated.
SERAP is seeking an order of mandamus to direct NNPCL to disclose specific financial transactions carried out in respect of the alleged missing funds, including details of disbursement, contractors, and individuals who collected the money. The organization is also asking the court to direct NNPCL to recover and remit the missing funds to the federation account.
The lawsuit highlights the need for transparency and accountability in Nigeria’s oil sector. SERAP argues that granting the reliefs sought would strike a blow against impunity and ensure that the missing funds are returned for the benefit of Nigerians .
The case is a significant development in the fight against corruption in Nigeria’s oil industry. If successful, it could set a precedent for greater accountability and transparency in the sector.No date has been fixed for the hearing of the suit .
