SERAP sues NNPCL over alleged missing N22.3bn, other oil money

2026-02-01 - 10:28

By Olasunkanmi Akoni Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company, NNPC, Limited, over the failure to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million in oil money. The suit followed allegations documented in the 2022 audited report ofq2q the Auditor-General of the Federation, published on September 9, 2025. In the suit filed last Friday at the Federal High Court in Abuja, on behalf of SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, the organisation is seeking: “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money.” SERAP is asking the court to “direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.” In the suit, SERAP is arguing that: “The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.” SERAP is also arguing that, “granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money, and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians. “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty, and deprived them of opportunities.” According to SERAP, “The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of the missing oil revenue meant to provide essential public services. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.” The lawsuit read in part: “The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption, including in the NNPCL, and the entrenched culture of impunity of perpetrators. “The grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s international human rights and anticorruption obligations. “According to the 2022 audited report by the Auditor General of the Federation, published on 9 September 2025, the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money. “The NNPCL in 2020 reportedly paid over N292 million [N292,609,972.29] ‘for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja.’ But the contractor has abandoned the contract, and failed to execute the job, despite collecting the fee.’ “The Auditor-General fears the contract money may have been ‘diverted’. He wants the money ‘recovered from the contractor and remitted to the treasury. “The NNPCL in 2021 also reportedly spent over GBP£14 million [£14,322,426.59] ‘to repair its London office.’ But ‘there was no evidence to show that the money was actually spent, and no documents of any spending. “The NNPCL also ‘irregularly paid’ over USD$22 million [$22,842,938.28] to a contractor for lifting 9 cargoes of crude oil.’ The NNPCL’s failure to explain why the amount due to it from crude from January to October 2019 was only $4,858,997.22 and why the contractor got over $22 million for crude for the same period,” among others. Meanwhile, no date has been fixed for the hearing of the suit.