The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, demanding full disclosure and accountability for allegedly missing oil revenues amounting to ₦22.3 billion and $49.7 million.
In the suit marked FHC/ABJ/CS/2026, SERAP is seeking a court order compelling the NNPCL to publicly explain the whereabouts of these funds, which the group claims represent unremitted or unaccounted-for proceeds from crude oil sales and other petroleum transactions between specified periods in recent years.
SERAP described the alleged disappearance of the money as a serious breach of transparency, public trust, and constitutional obligations, arguing that Nigerians have a right to know how national resources are managed.
The suit also requests an independent forensic audit of the NNPCL’s accounts related to the disputed sums and an injunction restraining further dissipation of public funds pending resolution.
SERAP urged the court to hold the NNPCL accountable, emphasizing that failure to provide clear explanations perpetuates corruption and undermines economic recovery efforts in the country.
The case is expected to test the limits of corporate governance and fiscal responsibility at the state-owned oil giant.
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