The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL), demanding transparency over billions of naira and millions in foreign currency allegedly missing from the state oil firm’s accounts.
The lawsuit, filed at the Federal High Court in Abuja last Friday, follows revelations in the 2022 audited report of the Auditor-General for the Federation, which was published in September 2025. The report documented the unaccounted for sum of ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million.
SERAP is seeking a mandamus order—a court directive—to compel NNPCL to provide a full account of the funds and disclose all related financial transactions. This includes details of disbursements, contractors, and individuals who received the money. The organisation argues that the alleged misappropriation represents a profound failure of accountability and transparency at the company.
“The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” the suit states. SERAP contends that resolving the matter would combat impunity, potentially recover funds for public use, and address the link between oil sector corruption and national poverty.
The case underscores persistent concerns over the management of Nigeria’s oil wealth. SERAP notes that Auditor-General reports have repeatedly highlighted discrepancies in NNPCL’s finances, with the public bearing the consequences through underfunded essential services. The group further argues that curbing corruption in the oil sector is critical to alleviating poverty, improving public service delivery, and meeting the government’s human rights and anti-corruption commitments.
This lawsuit places NNPCL’s operational and financial disclosures under renewed judicial scrutiny. The court’s forthcoming decision will determine whether the company must produce a detailed accounting of the specified funds, setting a potential precedent for corporate transparency in Nigeria’s most vital industry. The outcome is being watched closely by governance watchdogs and citizens alike, as it touches on broader issues of resource management and national development.
