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 N500 billion oil revenue between October and December 2024.
In a statement released on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the group said the suit followed recent revelations by the World Bank that out of N1.1 trillion earned from crude oil sales and other income in 2024, only N600 billion was remitted by the NNPCL, leaving a shortfall of N500 billion.
According to SERAP, when a Freedom of Information (FoI) request was sent, NNPCL responded through its legal representatives, Afe Babalola & Co., stating that the FoI Act does not apply to it. However, in suit number FHC/L/MSC/553/2025, filed last Friday at the Federal High Court in Lagos, SERAP is seeking an order of mandamus to compel the NNPCL to account for the missing funds and to invite anti-corruption agencies for a thorough investigation and recovery.
The group also wants the NNPCL to identify and hand over those allegedly responsible for the missing oil money to appropriate authorities for investigation and prosecution.
SERAP argued that the NNPCL is bound by the Nigerian Constitution, the Freedom of Information Act, and international obligations to ensure transparency in public finance. It warned that the missing funds have worsened Nigeria’s economic crisis, fueled deficit spending, and deepened the country’s debt burden.
The organization emphasized that the Supreme Court recently ruled that the FoI Act applies to all public records, including those held by the NNPCL.
Filed by Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke on behalf of SERAP, the suit insists that Nigerians have a right to know the whereabouts of the oil revenue. The group stressed that the missing money, meant to benefit the public, if recovered, could help ease the country’s harsh economic conditions and improve access to essential services.
SERAP further cited longstanding concerns raised by the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative over unaccounted oil revenues. It also pointed out that the UN Convention against Corruption mandates Nigeria to ensure transparency and accountability in managing public resources.
No date has been fixed yet for the hearing.
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