The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal action against the Nigerian National Petroleum Company Limited (NNPCL) over the alleged disappearance of a staggering N500 billion in oil revenue.
According to SERAP, the NNPCL has failed to explain or account for the shortfall in its remittance to the Federation Account between October and December 2024, raising serious concerns about transparency and accountability in the nation’s oil sector.
This legal action follows a damning report by the World Bank which revealed that while the NNPCL generated N1.1 trillion in revenue from crude oil sales and related activities in 2024, only N600 billion was remitted — leaving a gaping N500 billion unexplained.
In response to SERAP’s Freedom of Information (FoI) request, the NNPCL — through its legal representatives, Afe Babalola & Co — argued that the FoI Act does not apply to the company, a claim SERAP has now challenged in court.
In suit number FHC/L/MSC/553/2025 filed at the Federal High Court in Lagos last Friday, SERAP is seeking an order of mandamus to compel the NNPCL to provide a full account of the unremitted N500 billion and disclose its current whereabouts.
Additionally, SERAP is asking the court to mandate the NNPCL to invite relevant anti-corruption agencies to investigate the handling of the funds and ensure immediate recovery and remittance of the missing sum to the Federation Account.
The organization is also urging the court to direct the NNPCL to identify all individuals suspected of involvement in the mismanagement or diversion of the funds, surcharge them for the amount involved, and hand them over for investigation and prosecution.
The case, filed by SERAP’s legal team — Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke — is currently awaiting a hearing date.
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