The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over allegations that billions of naira and several millions of foreign currencies in oil revenues remain unaccounted for.
According to SERAP, the disputed sums include ₦22.3 billion, about $49.7 million, £14.3 million and €5.2 million, which were flagged in the 2022 audited report of the Auditor-General of the Federation released on September 9, 2025.
The suit, filed last Friday at the Federal High Court in Abuja under case number FHC/ABJ/CS/195/2026, seeks an order compelling NNPCL to explain how the funds were spent or to recover and remit them to the public treasury.
SERAP is also asking the court to direct the oil company to disclose full details of the transactions linked to the disputed funds, including the identities of contractors, consultants, companies and individuals who received payments.
In its court filings, SERAP argued that the alleged diversion or mismanagement of oil revenues reflects a persistent lack of accountability and transparency within NNPCL. The organisation said the failure to properly manage public resources has worsened economic hardship and deprived Nigerians of funds meant for development.
SERAP noted that repeated reports by the Auditor-General have drawn attention to irregular payments, unexecuted contracts and unexplained expenditures within the national oil company, which have negatively affected the government’s capacity to provide essential public services.
The group maintained that addressing corruption in the oil sector would help reduce poverty, strengthen public institutions and improve access to basic social services across the country.
Among the transactions highlighted in the Auditor-General’s report are payments for contracts allegedly not executed, funds released without proper documentation, inflated contract values, unpaid taxes, and monies not remitted into statutory government accounts.
SERAP further stated that some payments were made to contractors and consultants without evidence of completed work, while other contracts were renewed automatically without competitive bidding, raising concerns about due process and financial discipline.
The suit, filed on SERAP’s behalf by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, argued that the alleged financial irregularities have deepened Nigeria’s fiscal challenges, contributed to rising public debt and undermined public trust in government institutions.
Despite Nigeria’s vast oil resources, SERAP said many citizens continue to suffer due to systemic corruption and a culture of impunity, particularly in the management of oil revenues.
The organisation stressed that the allegations contained in the Auditor-General’s report point to serious breaches of legal and ethical obligations and called for judicial intervention to ensure accountability.
No date has been fixed for the hearing of the case.
