Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit seeking to compel the Nigerian National Petroleum Company Limited (NNPCL) to account for over N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil revenues allegedly missing or diverted.
This is according to court filings made by SERAP in suit number FHC/ABJ/CS/195/2026 filed last Friday at the Federal High Court in Abuja.
The lawsuit argues that the alleged diversion of oil revenues has undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.
What SERAP said
According to SERAP, the suit is based on allegations contained in the 2022 audited report of the Auditor-General of the Federation published on 9 September 2025.
“An order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money,” they said
SERAP is asking the court to direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted oil money, including details of disbursement, the contractors, and other individuals who collected the money.
They alleged diversion of funds reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
SERAP further argued that court intervention is necessary to address what it described as entrenched impunity.
“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,” SERAP said.
Backstory
The suit followed the release of the 2022 audited report by the Auditor-General of the Federation, which alleged that the NNPCL failed to account for oil revenues.
- Among the individual expenditures flagged was the reported spending of over £14.3 million on repairs to the NNPCL’s London office in 2021, for which the audit said there was no evidence of work done or supporting documentation.
- Another major transaction involved the irregular payment of over USD$22.8 million to a contractor for lifting nine cargoes of crude oil, far exceeding the amount reportedly due to the NNPCL for the same period.
- The audit also highlighted domestic payments running into billions of naira, including over N3.4 billion paid for various services without documents, N2.3 billion paid as car cash options to 100 staff without required approvals, and the failure to remit over N12.7 billion in operating surplus into the general reserve fund for December 2020.
These projects, amongst others, represent multiple questionable transactions spanning several years, SERAP is asking the court to compel the NNPCL to fully explain and account for.
What you should know
The latest SERAP lawsuit is not the first time the Nigerian National Petroleum Company Limited has faced scrutiny over unaccounted oil funds. As far back as February 2024, SERAP gave NNPCL a seven-day ultimatum to explain the disappearance of USD$2.04 billion and N164 billion in oil revenues.
Beyond civil society action, Nigeria’s legislature has also weighed in. In mid-2025, the Senate Committee on Public Accounts issued a deadline for NNPCL to respond to audit queries involving N210 trillion in unaccounted liabilities and assets spanning 2017 to 2023.
- In late June 2025, investigations by the Economic and Financial Crimes Commission confirmed that a former Chief Financial Officer of the NNPCL, Umar Isa, alongside other top officials, were under investigation over an alleged $7.2 billion fraud linked to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
- Former managing directors of the Warri and Port Harcourt refineries are also said to be in EFCC custody, while investigations into other senior officials are ongoing.
- EFCC also issued the arrest of Former Petroleum Minister Timipre Sylva over allegations involving $14.86 million connected to a refinery investment project, illustrating how past officials and major deals also feature in broader corruption concerns.
