Where’s The Money? SERAP Sues NNPC Over Staggering ₦500 Billion Mystery

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company (NNPC) Limited over its alleged failure to account for ₦500 billion that was reportedly not remitted to the Federation Account between October and December 2024.

The lawsuit follows revelations by the World Bank, which reported that out of the ₦1.1 trillion generated by the NNPC from crude oil sales and other revenue sources during the period, only ₦600 billion was remitted — leaving a shortfall of ₦500 billion that remains unexplained.

Filed at the Federal High Court in Lagos on Friday, the suit (marked FHC/L/MSC/553/2025) seeks a court order compelling the NNPC to disclose the whereabouts of the missing funds. SERAP is also asking the court to issue a mandamus order directing NNPC to involve relevant anti-corruption agencies in investigating the matter, with a view to holding those responsible accountable and prosecuting them.

NNPC’s legal representatives, Afe Babalola and Co., in response to an earlier Freedom of Information (FoI) request by SERAP, argued that the FoI Act does not apply to the company. However, SERAP maintains that NNPC is subject to the Nigerian Constitution, FoI Act, and international anti-corruption standards in all its operations.

The organisation contends that the alleged missing funds are exacerbating Nigeria’s economic instability, contributing to ballooning national debt and budget deficits. SERAP further criticized the NNPC’s lack of transparency and accountability, stressing that such practices hinder economic progress and erode public trust.

The lawsuit references a recent Supreme Court ruling affirming that the Freedom of Information Act applies to all public institutions, including the NNPC. SERAP is urging the court to enforce that precedent in this case.

Filed by Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke on behalf of SERAP, the suit argues:

“Nigerians are suffering the consequences of missing public funds that should be used for national development. There’s overwhelming public interest in uncovering the truth. The NNPC must explain why oil revenues, meant to benefit both present and future generations, are missing.

Without recovering the missing ₦500 billion, Nigeria’s dire economic conditions may deepen, further denying citizens access to essential public services. The NNPCL’s failure to remit subsidy removal savings is not only unconstitutional but also a breach of public trust.”