The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over an alleged missing sum of N500 billion.
The rights group noted that the NNPCL failed to explain the whereabouts of this large amount of money, which was supposed to be remitted to the Federation Account between October and December 2024. According to SERAP, the company has not provided a clear account of these funds.
This legal action comes after recent claims by the World Bank that out of the total N1.1 trillion revenue generated from crude oil sales and other income sources in 2024, the NNPCL only sent N600 billion to the Federation Account. This leaves a gap of N500 billion that remains unaccounted for.
SERAP had earlier requested information under the Freedom of Information (FoI) Act regarding the missing funds. However, NNPCL’s lawyers from Afe Babalola and Co responded by saying that the FoI Act does not apply to their company.
In response, SERAP filed a case at the Federal High Court in Lagos last Friday under suit number FHC/L/MSC/553/2025.
SERAP is seeking: “an order of mandamus to direct and compel the NNPCL to account for the alleged missing N500 billion, which it allegedly failed to remit to the Federation Account between October 2024 and December 2024.”
SERAP is also asking the court to “direct and compel the NNPCL to invite appropriate anti-corruption agencies to investigate the spending and whereabouts of the said N500bn and to ensure the prompt recovery and remittance of the money to the Federation Account.”
SERAP is also asking the court to “direct and compel the NNPCL to identify those suspected to be responsible for the alleged missing oil funds, surcharge them for the full amount involved, and hand them over to appropriate anti-corruption agencies for investigation and prosecution.”
The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke.
No date has been fixed for the hearing of the suit.
