The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Lagos. SERAP wants the court to compel NNPCL to explain the whereabouts of N500 billion oil revenue allegedly unremitted to the Federation Account between October and December 2024.
The group is also asking the court to order NNPCL to invite anti-corruption agencies to probe the missing funds. SERAP demands that the investigation lead to full recovery and prompt remittance of the money.
SERAP urged the court to direct NNPCL to identify and hold accountable those involved in the alleged disappearance. The group wants the culprits surcharged and handed over to the relevant anti-graft agencies for prosecution.
The suit follows NNPCL’s refusal to respond to SERAP’s Freedom of Information (FoI) request. Through its lawyers at Afe Babalola & Co, NNPCL argued that the FoI Act does not apply to the company. However, SERAP maintains that NNPCL must comply with the Nigerian Constitution, FoI Act, and international anti-corruption obligations.
SERAP also cited a recent Supreme Court judgment confirming that the FoI Act covers all public records, including those held by NNPCL.
Group Links Missing Funds to Economic Crisis
The group claims that the missing oil revenue has worsened Nigeria’s economy. It says the failure to remit the funds increased deficit spending and deepened the country’s debt crisis.
According to SERAP, this situation shows a lack of transparency in NNPCL’s operations. The group said the money should have supported economic and social rights, such as funding public services.
SERAP also accused NNPCL of hoarding subsidy removal savings and denying state and local governments their share of the Federation Account. It called this a serious breach of the Constitution and public trust.
The group stressed that citizens have the right to know how public resources are managed. It said the Constitution and global human rights laws guarantee the right to access information.
SERAP pointed to reports from the Auditor-General and NEITI that documented repeated cases of missing oil funds. It also cited a recent World Bank report stating that NNPCL remitted only N600 billion out of the N1.1 trillion it earned in 2024, leaving N500 billion unaccounted for.
No date has been fixed for the hearing.
