SERAP Sues NNPCL Over Missing ₦22.3bn, $49.7m Oil Funds

SERAP Sues NNPCL Over Missing ₦22.3bn, $49.7m Oil Funds

The Nigerian National Petroleum Company Limited (NNPCL) has been dragged to the Federal High Court in Abuja over allegations of failing to account for billions of naira and millions of dollars in oil revenue, including ₦22.3 billion and USD 49.7 million. The Socio‑Economic Rights and Accountability Project (SERAP) filed the lawsuit, demanding transparency and accountability from the state-owned oil giant.

Filed under suit number FHC/ABJ/CS/195/2026, SERAP is seeking a court order compelling NNPCL to provide a full account of the allegedly missing funds, including disbursement records, contractors involved, and individuals who received payments. According to SERAP, the company’s failure to account for these funds undermines public trust and threatens economic stability.

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The legal action follows revelations in the 2022 Auditor‑General report, published on September 9, 2025, which indicated that NNPCL had failed to explain or justify the disappearance or diversion of substantial funds meant to support Nigeria’s oil sector and public services. (serap-nigeria.org)

According to SERAP, the missing oil funds have hindered development, deepened poverty, and deprived Nigerians of essential services, such as infrastructure, healthcare, and education. The organization argues that securing a court order to account for the funds will promote transparency, fight impunity, and restore public confidence in Nigeria’s oil sector.

The lawsuit highlights a broader issue of systemic financial mismanagement at NNPCL, which has been flagged in multiple audit reports over the years. SERAP’s legal action seeks to compel the company to disclose specific financial transactions, the identities of contractors and beneficiaries, and any internal measures taken to recover or justify the missing funds.

No hearing date has yet been set, but the case is expected to attract national attention, potentially influencing policies on financial accountability and corporate governance in Nigeria’s energy sector.

SERAP Sues NNPCL Over Missing ₦22.3bn, $49.7m Oil Funds