The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to remit N500 billion to the Federation Account.
According to SERAP, the missing funds are part of the revenue generated from crude oil sales and other sources between October and December 2024. The World Bank had recently raised concerns that out of the N1.1 trillion earned during that period, the NNPCL only remitted N600 billion, leaving a N500 billion shortfall unaccounted for.
In response to a Freedom of Information (FoI) request submitted by SERAP, the NNPCL, through its legal representatives at Afe Babalola and Co, claimed that the FoI Act does not apply to the company.
Undeterred, SERAP filed a suit marked FHC/L/MSC/553/2025 at the Federal High Court in Lagos. The rights group is seeking an order of mandamus to compel the NNPCL to explain and account for the unremitted N500 billion.
The group is also asking the court to mandate the NNPCL to invite relevant anti-corruption agencies to investigate the matter, recover the funds, and ensure the prosecution of anyone found responsible.
The suit, filed by SERAP’s legal team Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke urges the court to hold those involved accountable and return the funds to the public treasury.
As of now, no date has been set for the hearing.
