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| NNPC |
The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPC) over allegations of ₦500 billion in missing oil revenue.
The lawsuit, filed at the Federal High Court in Lagos (FHC/L/MSC/553/2025), demands that NNPCL account for the unremitted funds allegedly withheld from the Federation Account between October and December 2024.
The World Bank recently exposed that out of ₦1.1 trillion earned from crude oil sales and other income in 2024, NNPCL only remitted ₦600 billion, leaving a ₦500 billion gap unaccounted for.
When SERAP requested transparency under the Freedom of Information (FoI) Act, NNPCL’s lawyers, Afe Babalola & Co, controversially claimed the FoI Act doesn’t apply to them.
Full Accountability – NNPCL must disclose where the ₦500 billion went. Anti-Corruption Probe – The company must involve EFCC & ICPC to investigate and recover the missing funds. Prosecute Culprits – Identify and punish those responsible.
No hearing date has been set yet, but this legal battle could expose major financial misconduct in Nigeria’s oil sector.