The Socio-Economic Rights and Accountability Project (SERAP) has, through its lawyers; Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke — sued the Nigerian National Petroleum Company Limited (NNPCL) for lack of accountability for a missing N500bn.
The lawsuit is coming after the World Bank alleged that the NNPCL only remitted N600bn out of the N1.1tn revenue from crude sales and other income in 2024. It stated that the petroleum company could not account for a deficit of N500bn.
This allegation has led to the lawsuit by the SERAP in the suit number FHC/L/MSC/553/2025 filed last Friday at the Federal High Court in Lagos.
SERAP has requested 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.
The group stressed that the withholding of the fund has cost Nigerian enjoying their social and economic rights.
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.”
The rights group is also seeking 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.”
However, the NNPCL through its legal counsel, Afe Babalola and Co claimed that the SERAP Freedom of Information (FoI) Act did not apply to it.
The suit read;
“Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.
“There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the missing oil money.
“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.
“Without the full recovery and remittance of the missing N500 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.
“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution.
“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s anticorruption obligations.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.
“The Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.
“The World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
“The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so.
“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.
“Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds.
“These commitments ought to be fully upheld and respected.
“The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.
“Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.
“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing N500 billion of oil revenue.
The court is yet to fix a date for the hearing. Stay tuned!!
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