The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPC Ltd) over its alleged failure to account for billions of naira and millions of foreign currencies reportedly flagged in the 2022 audited report of the Auditor-General of the Federation.
In the suit, numbered FHC/ABJ/CS/195/2026, filed last Friday at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling NNPC Ltd to account for the alleged missing or diverted sums of ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million in oil revenues.
The allegations are contained in the Auditor-General’s 2022 report, which was officially published on September 9, 2025, and reportedly documents several unresolved financial discrepancies involving the national oil company.
According to SERAP, the suit is also asking the court to compel NNPC Ltd to publicly disclose detailed information on the specific transactions linked to the alleged funds, including records of disbursements, names of contractors, and other individuals or entities said to have received the money.
The civil society organisation stated that the alleged diversion or misappropriation of oil revenues reflects broader concerns about transparency and accountability within NNPC Ltd, noting that similar issues have been repeatedly highlighted in past audit reports by the Auditor-General.
“The continued failure to account for these funds has serious implications for Nigeria’s economic development,” SERAP said in a statement, adding that missing oil revenues deprive citizens of essential public services and contribute to persistent poverty despite the country’s vast oil wealth.
SERAP further noted that reports of unaccounted oil revenues at NNPC Ltd have appeared consistently over several years, raising questions about institutional reforms and the enforcement of accountability mechanisms within the oil sector.
As of the time of filing this report, NNPC Ltd had not issued an official response to the lawsuit or the allegations contained in the Auditor-General’s report.
Equally, Nigeria’s anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), are yet to publicly comment on the audit findings or disclose any investigation arising from them.
The development has renewed public debate over transparency in Nigeria’s oil industry and the enforcement of accountability in the management of national resources, particularly at a time of economic hardship and fiscal pressure on government finances.
Observers say the outcome of the case could test the government’s commitment to openness in the extractive sector and the effectiveness of existing anti-corruption institutions.
Legal Disclaimer:
This report is based on publicly available court filings, official audit documents, and statements issued by relevant parties. All allegations referenced herein remain unproven and are matters currently subject to judicial determination. The Nigerian National Petroleum Company Limited (NNPC Ltd) and any individuals or institutions mentioned are presumed innocent until proven otherwise by a court of competent jurisdiction. This publication does not assert guilt, make findings of fact, or intend to prejudice ongoing or potential legal proceedings. Readers are advised that the report is presented strictly in the public interest and in line with responsible journalistic practice.
