LAGOS, Nigeria (CHATNEWSTV) — The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) for its alleged failure to account for N500 billion in missing oil revenue, reportedly unremitted to the Federation Account between October and December 2024.
The lawsuit followed recent disclosures by the World Bank that out of N1.1 trillion in oil revenue generated in 2024, only N600 billion was remitted by NNPCL—leaving a N500 billion shortfall.
In a statement issued today by Kolawole Oluwadare, SERAP’s deputy director, the group said it is seeking “an order of mandamus to direct and compel the NNPCL to account for the alleged missing N500 billion,” in a suit filed last Friday at the Federal High Court in Lagos (Suit No: FHC/L/MSC/553/2025).
SERAP is also asking the court to order NNPCL to invite anti-corruption agencies to investigate the alleged shortfall and prosecute anyone found responsible.
“There is a legitimate public interest in providing the details sought,” the suit states. “The NNPCL has a legal responsibility to account for and explain the whereabouts of the missing oil money.”
In response to an earlier Freedom of Information (FoI) request, NNPCL—through its legal representatives, Afe Babalola & Co.—claimed the FoI Act does not apply to it. However, SERAP argues that a recent Supreme Court ruling affirms the Act’s applicability to public records held by NNPCL.
“The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending and the country’s crippling debt crisis,” SERAP said.
The group also said the case underscores NNPCL’s continued failure to uphold principles of transparency and accountability.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit primarily because of widespread grand corruption and the entrenched culture of impunity,” the statement read.
SERAP argued that the alleged failure to remit the subsidy savings violates constitutional provisions and international anti-corruption obligations under treaties such as the UN Convention Against Corruption.
“The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government, but NNPCL reportedly failed to do so,” it added.
The organization noted that if the missing funds had been remitted, more money could have gone into critical public services at a time when millions of Nigerians are facing a cost-of-living crisis.
“No date has been fixed for the hearing of the suit,” the statement concluded.
Editor: Gabriel Ani
