The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over an alleged failure to remit ₦500 billion to the Federation Account between October and December 2024. This legal action follows a World Bank report indicating that out of ₦1.1 trillion generated from crude oil sales and other income during that period, only ₦600 billion was remitted, leaving a significant shortfall unaccounted for.
In response to a Freedom of Information (FoI) request by SERAP, NNPCL, through its legal representatives Afe Babalola & Co, contended that the FoI Act does not apply to it. Dissatisfied with this response, SERAP approached the Federal High Court in Lagos, filing suit number FHC/L/MSC/553/2025. The organization seeks an order of mandamus compelling NNPCL to account for the missing funds, invite appropriate anti-corruption agencies to investigate the matter, and ensure the recovery and remittance of the funds to the Federation Account.
SERAP also urges the court to direct NNPCL to identify individuals suspected of responsibility for the alleged missing funds, surcharge them accordingly, and hand them over to relevant anti-corruption agencies for investigation and prosecution. The organization emphasizes that the missing oil revenues have exacerbated Nigeria’s economic challenges, contributing to high levels of deficit spending and a crippling debt crisis.
The lawsuit underscores SERAP’s commitment to promoting transparency and accountability in the management of Nigeria’s oil resources, asserting that the country’s oil wealth should benefit all Nigerians, both present and future generations.
