Lagos Court to Hear Suit Against NNPCL Over Unaccounted N500bn

BY Victoria otonyemeba
June 1, 2025
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A lawsuit has been filed at the Federal High Court in Lagos against the Nigerian National Petroleum Company Limited (NNPCL) by the Socio-Economic Rights and Accountability Project (SERAP) over the company’s alleged failure to account for N500 billion.

The amount in question is said to have gone missing between October and December 2024.

According to SERAP’s Deputy Director, Kolawole Oluwadare, the lawsuit comes after the World Bank revealed that the NNPCL only remitted N600 billion out of N1.1 trillion in revenue from crude sales and other income in 2024, leaving a deficit of N500 billion unaccounted for.

The lawsuit, filed by SERAP’s lawyers, including Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke, is seeking a court order to compel the NNPCL to explain the whereabouts of the missing funds and to invite anti-corruption agencies to investigate the matter.

SERAP is also asking the court to direct the NNPCL to identify those responsible for the missing funds and to surcharge them for the full amount involved.

The NNPCL had previously claimed that the Freedom of Information Act does not apply to it, through its lawyers, Afe Babalola and Co.

However, SERAP argues that the company has a responsibility to comply with the Nigerian Constitution and the country’s international human rights and anti-corruption obligations.

SERAP’s lawsuit highlights the need for transparency and accountability in the management of public resources, particularly in the oil sector.

The organization notes that the missing oil revenue has damaged the country’s economy and contributed to high levels of deficit spending and debt.

The Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative have previously documented reports of the disappearance of oil money from the NNPCL. SERAP is arguing that the NNPCL’s failure to account for the missing funds is a violation of the public trust and the provisions of the Nigerian Constitution.