The Socio-Economic Rights and Accountability Project has taken the Nigerian National Petroleum Company Limited to court over its failure to explain the use of large sums of oil revenue. The organisation said the action followed findings in the 2022 audited report of the Auditor-General of the Federation, which was released in September 2025.
According to SERAP, the report showed that N22.3 billion, 49.7 million dollars, 14.3 million pounds sterling and 5.2 million euros were either missing or not properly recorded by the national oil company. The group said the report also pointed to abandoned projects, payments without proof, and other financial issues linked to NNPCL operations.
The case, filed at the Federal High Court in Abuja, is asking the court to order NNPCL to explain how the funds were used or to recover them. SERAP also wants the oil company to make public details of all transactions connected to the funds, including payments made, companies involved and individuals who received the money.
SERAP said the alleged failure to account for the funds shows long-standing problems in the management of the country’s oil revenue. The group noted that the situation has affected national growth and denied many Nigerians access to basic services, while worsening poverty across the country.
The organisation further stated that unresolved cases of missing oil money have continued for years, despite repeated reports by the Auditor-General. It added that tackling corruption in the oil sector would reduce poverty, improve public services and help the government meet its legal duties.
The suit was filed by SERAP’s lawyers, who listed several cases from the audit report involving contracts that were either not completed, inflated or lacked proper records. No date has been fixed for the hearing.