The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company (NNPC) Limited, accusing it of failing to account for an alleged missing ₦500 billion that was not remitted to the Federation Account between October and December 2024.
The lawsuit follows a World Bank report claiming that, of the ₦1.1 trillion generated from crude oil sales and other revenue in 2024, NNPC remitted only ₦600 billion, leaving ₦500 billion unaccounted for. In response to SERAP’s Freedom of Information (FoI) request, NNPC, through its legal counsel Afe Babalola and Co., argued that the FoI Act does not apply to the company.
Filed on May 30, 2025, at the Federal High Court in Lagos under suit number FHC/L/MSC/553/2025, SERAP seeks a court order to compel NNPC to disclose the whereabouts of the alleged missing ₦500 billion. Additionally, SERAP is requesting that NNPC invite anti-corruption agencies to investigate the matter, recover the funds, and ensure their remittance to the Federation Account. The organization also demands that NNPC identify and surcharge those responsible, handing them over to anti-corruption agencies for prosecution.
SERAP argues that NNPC is obligated to comply with the Nigerian Constitution of 1999 (as amended), the FoI Act, and international human rights and anti-corruption commitments. “The unaccounted oil revenues have worsened Nigeria’s economic challenges, fueled deficit spending, and deepened the nation’s debt crisis,” SERAP stated. It further noted that the missing funds reflect NNPC’s broader failure to uphold transparency and accountability.
The organization cited a recent Supreme Court ruling affirming that the FoI Act applies to public records held by entities like NNPC, reinforcing its legal stance. The suit was filed by SERAP’s legal team, comprising Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke.