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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over the alleged missing or diverted ₦22.3 billion, USD $49.7 million, £14.3 million and €5.2 million in oil money.
“We’ve filed a lawsuit against NNPC over the failure to account for the alleged missing or diverted N22.3 billion, USD $49.7 million, £14.3 million and €5.2 million in oil money,” SERAP wrote on X on Sunday.
SERAP said the lawsuit followed allegations contained in the 2022 audited report of the Auditor-General for the Federation, published on September 9, 2025.
According to the group, the case, filed last Friday at the Federal High Court, is seeking “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted ₦22.3 billion, USD $49.7 million, £14.3 million, and €5.2 million in oil money.”
SERAP said it is also seeking an order from the court directing NNPC Limited to disclose details of transactions linked to the funds.
“We are also asking the court to direct and compel @nnpclimited to disclose the specific financial transactions carried out in respect of the alleged missing or diverted” funds, including “details of disbursement, the contractors, and other individuals who collected the money.”
The group noted that, “The diverted or misappropriated oil revenues reflect a failure of NNPC accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
SERAP hinted that the allegations have affected the country’s development, saying, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty, and deprived them of opportunities.”
It also stated that the Auditor-General has, for many years, documented reports of the disappearance of oil funds from NNPCL, noting that “Nigerians continue to bear the brunt of this missing oil money meant to provide essential public services for Nigerians.”
SERAP added that despite the country’s enormous oil wealth, “ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption, including in NNPCL, and the entrenched culture of impunity of perpetrators.”
