Abuja, Feb. 1, 2026 – The Socio-Economic Rights and Accountability Project (SERAP) has sued the National Petroleum Company Limited (NNPCL) over alleged missing N22.3billon, $49.7 million, £14.3 million and €5.2 million in oil revenue.
SERAP disclosed this on Sunday in a statement signed by Kolawole Oluwadare, its Deputy Director.
It said the suit, FHC/ABJ/CS/195/2026, was filed by Oluwakemi Agunbiade and Valentina Adegoke at the Federal High Court in Abuja last Friday.
SERAP said the action followed the 2022 Audited Report of the Auditor-General of the Federation and published on Sept. 9, 2025 which contained allegations of payments for unaccounted and abandoned contracts as well as irregular financial transactions allegedly perpetrated in NNPCL.
In the suit, SERAP is seeking an order of mandamus compelling the NNPCL to explain how the funds were spent or to recover them.
It is asking the court to direct the company to disclose the specific financial transactions carried out in respect of the alleged missing or diverted funds, including details of disbursement, the contractors involved and other individuals who collected the money.
SERAP said the diverted or misappropriated oil revenues reflected a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
It said the allegations had undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.
“Granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money and ensure that the money is returned for the sake of NNPCL’s victims – Nigerians.
“The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil funds meant to provide essential public services,” it said.
SERAP said persistent cases of unaccounted oil revenues had worsened Nigeria’s economic challenges, deepened poverty, and deprived citizens of access to essential public services.
The SERAP suit highlighted several alleged irregular payments cited in the audit report which include funds paid for abandoned contracts, undocumented consultancy services, irregular contract renewals, unpaid statutory taxes, and payments for projects allegedly not executed.
Among the audit queries are payments running into billions of naira for refinery projects, vessel charters, depot upgrades, office renovations abroad, and consultancy fees—many of which reportedly lacked supporting documentation or evidence of execution.
It said that addressing corruption in the oil sector would improve fiscal discipline, reduce borrowing, and enhance the government’s ability to meet its constitutional, human rights, and anti-corruption obligations.
SERAP said that addressing corruption in the oil sector would have a direct impact on poverty reduction.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.
“The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
