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“The failure to account for the ₦500 billion oil money is a breach of the principles of transparency and accountability enshrined in Nigeria’s Constitution and international anti-corruption obligations”

SERAP Drags NNPCL to Court Over Alleged N500bn Missing Oil Revenue

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its failure to account for a staggering ₦500 billion in oil revenue that is reportedly missing from the country’s coffers.

The legal action, filed at the Federal High Court in Lagos, challenges the NNPCL’s refusal to disclose detailed information on the alleged loss, despite multiple requests for transparency.

In its statement, SERAP accused the state-run oil company of violating citizens’ right to information and undermining public trust. The organisation argues that the missing funds could have been crucial in addressing pressing social needs such as healthcare, education, and infrastructure.

“The failure to account for the ₦500 billion oil money is a breach of the principles of transparency and accountability enshrined in Nigeria’s Constitution and international anti-corruption obligations,” SERAP said.

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The group is asking the court to compel NNPCL to disclose spending details, name the companies or individuals involved, and explain steps taken to recover the funds.

This legal move comes amid heightened scrutiny of Nigeria’s oil revenues and repeated calls from civil society groups for reforms in the extractive sector.

Neither NNPCL nor the government had publicly responded to the lawsuit at the time of publication. Read More

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