The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) for allegedly failing to account for ₦500 billion in oil revenue that was not remitted to the Federation Account between October and December 2024. The suit, filed at the Federal High Court in Lagos, follows a World Bank report revealing that only ₦600 billion of the ₦1.1 trillion earned from oil sales and other income in 2024 was remitted, leaving a deficit of ₦500 billion unaccounted for.
In its legal action, SERAP seeks a court order to compel the NNPCL to disclose the whereabouts of the missing funds, invite anti-corruption agencies to investigate the matter, recover the money, and prosecute those responsible. The organization also challenges the NNPCL’s refusal to comply with the Freedom of Information Act, citing a Supreme Court ruling that affirms the Act’s applicability to all public institutions, including NNPCL.
SERAP argues that the unremitted oil funds are a symptom of systemic corruption, damaging Nigeria’s economy and worsening public debt. The group emphasizes that the missing revenue deprives citizens of essential public services and violates both the Nigerian Constitution and international anti-corruption treaties. SERAP insists that transparency in the oil sector is crucial to upholding public trust and ensuring the equitable use of Nigeria’s oil wealth for the benefit of current and future generations.