The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its failure to account for ₦500 billion in oil revenue, allegedly unremitted to the Federation Account between October and December 2024.
In a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the group cited World Bank reports which revealed that out of ₦1.1 trillion generated from crude oil sales and other sources in 2024, the NNPCL remitted only ₦600 billion, leaving a shortfall of ₦500 billion.
SERAP stated that in response to its Freedom of Information (FoI) request, the NNPCL, through its legal representatives Afe Babalola and Co, claimed that the FoI Act does not apply to it.
However, SERAP disagrees and has filed suit number FHC/L/MSC/553/2025 at the Federal High Court in Lagos.
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In the suit, SERAP is seeking a court order of mandamus to compel the NNPCL to:
Account for the allegedly missing ₦500 billion.
Invite relevant anti-corruption agencies to investigate the matter.
Ensure recovery and remittance of the funds to the Federation Account.
Identify and surcharge individuals suspected to be responsible, and refer them for investigation and prosecution.
SERAP argues that the NNPCL has a constitutional and legal duty to operate transparently in line with the Nigerian Constitution, the Freedom of Information Act, and international anti-corruption agreements to which Nigeria is a signatory.
The organization stressed that the alleged missing funds have worsened Nigeria’s economic crisis, contributing to increased deficit spending and public debt, while ordinary citizens continue to suffer from poverty and lack of basic services.
SERAP also highlighted a recent Supreme Court ruling affirming that the FoI Act applies to all public institutions across the Federation, including the NNPCL. It insists that Nigerians have the right to know how oil revenues—particularly savings from the removal of fuel subsidies—are managed.
“The NNPCL’s failure to remit the money is a serious breach of public trust and constitutional provisions. It undermines states’ and local governments’ access to their fair share of national revenue,” the group said.
According to SERAP, the NNPCL’s conduct reflects a broader failure in corporate accountability and transparency in Nigeria’s oil sector—an area long plagued by corruption and impunity. It said this undermines development, economic rights, and access to essential public services.
The group pointed to long-standing reports from the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) documenting unremitted oil revenues by the NNPCL.
SERAP urged the court to ensure full disclosure, investigation, and recovery of the funds in line with:
Section 15(5) and Section 13 of the 1999 Constitution (as amended),
The UN Convention Against Corruption (Articles 5 and 9),
And fundamental rights to information under the FoI Act, African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.
“The missing ₦500 billion could have been used to improve citizens’ access to public goods and services, especially amid Nigeria’s ongoing cost of living crisis,” the statement concluded.
No hearing date has been set for the case.
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