The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for N500 billion in missing oil revenue between October and December 2024.
The legal action, designated FHC/L/MSC/553/2025, filed at the Federal High Court in Lagos, comes on the heels of a report by the World Bank which claimed that NNPCL generated N1.1 trillion in oil sales and other revenues in 2024 but remitted only N600 billion to the Federation Account, leaving a staggering N500 billion unaccounted for.
Despite a Freedom of Information (FoI) request from SERAP seeking clarification on the shortfall, NNPCL, through its legal representatives, maintained that the FoI Act does not apply.
SERAP disagreed and sought an order of mandamus to compel the NNPCL to explain and account for the missing N500 billion.
The organisation is also seeking the order of the court to mandate the NNPCL to invite relevant anti-corruption agencies to investigate the matter, recover the missing funds, identify those responsibly, and ensure they are prosecuted.
“The NNPCL has a legal duty under the Constitution, the Freedom of Information Act, and international anti-corruption and human rights laws to be transparent and accountable,” SERAP stated in the suit, filed by its lawyer, Kolawole Oluwadare.
According to SERAP, the alleged disappearance of the N500 billion has further strained Nigeria’s fragile economy, worsened deficit spending, and contributed to the country’s deepening debt crisis.
“The missing oil revenue reflects a systemic failure in NNPCL’s accountability mechanisms and highlights its continuing disregard for transparency,” the group added.
SERAP also cited a recent Supreme Court decision affirming that the Freedom of Information Act applies to all public records within the federation, including those held by the NNPCL, debunking the company’s claim of exemption from the Act.
“There is a legitimate public interest in revealing the details of the missing oil funds.
“These funds were meant for economic development and public welfare. Their disappearance denies Nigerians access to basic public services at a time of economic hardship,” SERAP argued.
SERAP emphasised that unless the missing revenue is recovered and remitted to the Federation Account, the economic hardship faced by Nigerians will only worsen.
“Nigerians have a right to know why the NNPCL failed to remit the subsidy removal savings, and why states and local governments have been denied their due allocations from the Federation Account,” the suit stated.
The organisation cited several constitutional and international legal obligations, including the UN Convention Against Corruption, which Nigeria has ratified, requiring public institutions to prevent corruption and ensure proper management of public funds.
SERAP stressed that transparency in the oil sector is critical for national development.
“Despite Nigeria’s oil wealth, ordinary citizens continue to suffer due to widespread corruption and impunity. Holding the NNPCL accountable would help reverse this trend.”
As of the time of filing this report, no date has been fixed for the hearing of the case.
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