By Ayo Kehinde
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over the “failure to account for and explain the whereabouts of the alleged missing N500 billion, which the NNPCL failed to remit to the Federation Account between October 2024 and December 2024.”
The suit followed a recent report by the World Bank, that out of the N1.1 trillion revenue from crude sales and other income in 2024, NNPC Ltd only remitted N600 billion, leaving a deficit of N500 billion unaccounted for.
In response to SERAP’s Freedom of Information (FoI) request, NNPC had claimed through its lawyers, Afe Babalola and Co, that the FoI Act does not apply to it.
Consequently, the organisation, in a suit number FHC/L/MSC/553/2025, filed last Friday, at the Federal High Court in Lagos, prayed for “an order of mandamus to direct and compel the NNPCL to account for the alleged missing N500 billion, which it allegedly failed to remit to the Federation Account between October 2024 and December 2024.
“To direct and compel the NNPCL to invite appropriate anti-corruption agencies to investigate the spending and whereabouts of the said N500 billion and to ensure the prompt recovery and remittance of the money to the Federation Account.
“To direct and compel the NNPCL to identify those suspected to be responsible for the alleged missing oil funds, surcharge them for the full amount involved, and hand them over to appropriate anti-corruption agencies for investigation and prosecution.
SERAP argues that “the NNPCL has a responsibility to comply with the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the country’s international human rights and anti-corruption obligations in the exercise of its statutory functions.
“The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government and the country’s crippling debt crisis.
“The missing oil revenue reflects a failure of NNPCL’s accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
“The Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act is applicable and applies to the public records in the Federation, including those kept by the NNPCL.”
The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke. the suit reads in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.
No date has been fixed for the hearing of the suit.
