SERAP Sues NNPC Over Alleged Missing Oil Funds

SERAP Sues NNPC Over Alleged Missing Oil Funds
Abuja, Nigeria (Feb 2, 2026) The Socio‑Economic Rights and Accountability Project (SERAP) has filed a landmark lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, demanding that the national oil firm account for billions in oil revenues flagged as unaccounted for in official audit reports. In court filing FHC/ABJ/CS/195/2026, SERAP is seeking an order of mandamus to compel NNPCL to:
Account for or explain the whereabouts of allegedly missing or diverted oil revenues totalling:
₦22.3 billion (Naira)
USD $49.7 million
£14.3 million (British Pounds)
€5.2 million (Euros)
Disclose detailed financial transactions linked to these sums including how the funds were disbursed, who received them, and for what purpose. The suit, filed on Friday, Jan. 30, 2026, follows damning allegations contained in the 2022 audited report by the Auditor‑General of the Federation, which was published on 9 September 2025 and highlighted glaring discrepancies in NNPCL’s books. SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke, argue that:The alleged diversions reflect deep‑seated accountability failures within NNPCL and breach principles of transparency and financial reportine Ordinary Nigerians have suffered because billions of naira in oil money expected to fund public services was not properly remitted or explained. Granting the relief sought would strike at entrenched impunity and support the return of public funds for the benefit of Nigerians. SERAP also contends that the alleged mismanagement has undermined national economic development, exacerbated poverty, and deprived communities of essential services.
According to the Auditor‑General’s report, NNPCL reportedly:
Failed to account for the stated oil revenues in the audited period.
Conducted transactions with little or no documentation supporting
Made significant payments for contracts and services that lacked clear evidence of delivery or legitimate justification, as noted in summaries of the audit.
The precise hearing date for the suit has not yet been fixed.
Nigeria’s economy is heavily dependent on oil revenues, and any loss, diversion, or unexplained disappearance of funds impacts national finances, service delivery, and poverty reduction efforts.
SERAP’s action seeks to enhance transparency and hold a powerful national corporation accountable to public and constitutional obligations The case underscores wider concerns over corruption and financial mismanagement in the oil sector a recurring issue raised in previous audits and legislative oversight reports.
Currency
Amount
Nigerian Naira
₦22.3 billion
US Dollars
$49.7 million
British Pounds
£14.3 million
Euros
€5.2 million
(All figures subject to legal scrutiny in court.)