The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over its alleged failure to remit N500 billion in oil revenue to the Federation Account between October and December 2024.
SERAP is seeking an order of mandamus to direct and compel NNPCL to account for the alleged missing funds, invite anticorruption agencies to investigate their spending, and recover the money.
SERAP argues that NNPCL has a responsibility to comply with the Nigerian Constitution, Freedom of Information Act, and international human rights and anticorruption obligations.
The group also claims that the missing oil revenues have damaged the economy, contributed to high deficit spending, and worsened the country’s debt crisis.
The lawsuit follows SERAP’s earlier demands for NNPCL to explain the whereabouts of the alleged missing funds, identify those responsible, and refer the matter to anticorruption agencies for investigation and prosecution.
According to the World Bank, NNPCL generated N1.1 trillion from crude oil sales in 2024 but remitted only N600 billion, leaving a shortfall of N500 billion.
