The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to remit N500 billion in oil revenue to the Federation Account between October and December 2024.
SERAP announced the legal action in a post on X (formerly Twitter) on Sunday, stating: “We’ve sued the NNPCL over the failure to account for the missing N500 billion oil money, which the NNPCL failed to remit to the Federation Account in 2024, and the claim that the Freedom of Information Act does not apply to it.”
In the suit number FHC/L/MSC/553/2025 filed last Friday at the Federal High Court in Lagos, SERAP is seeking: “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.”
SERAP is also asking the court to “direct and compel the NNPCL to invite appropriate anticorruption 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.”
SERAP is also asking the court 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 anticorruption agencies for investigation and prosecution.”
In the suit, SERAP is arguing 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 anticorruption obligations in the exercise of its statutory functions.”
SERAP is also arguing that, “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.”
SERAP is arguing that, “The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
SERAP is also arguing that, “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.”
Back story
In May 2025, SERAP urged the Group Chief Executive Officer of NNPCL, Mr. Bayo Bashir Ojulari, to explain the whereabouts of the alleged missing N500 billion. The group demanded that Mr. Ojulari identify those responsible, recover the funds, and refer the matter to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.
SERAP also called on NNPCL to invite the anti-graft agencies to investigate the use and status of the funds and ensure their full recovery and remittance to the Federation Account without delay.
In a Freedom of Information (FOI) request dated May 17, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization stated: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’”
SERAP emphasized that Nigeria’s oil wealth should be used exclusively for the benefit of its people, both present and future generations. It argued that Nigerians have the right to know why NNPCL failed to remit the subsidy savings and why it is allegedly denying states and local governments their constitutional allocations.
What you should know
According to the World Bank’s latest World Bank Nigeria Development Update, NNPCL generated N1.1 trillion from crude oil sales and other income in 2024 but remitted only N600 billion, leaving a shortfall of N500 billion.
The International Monetary Fund (IMF) also recently urged the Nigerian government to ensure savings from subsidy removal are reflected in the national budget.
It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
In 2023, President Bola Tinubu received commendation from international financial agencies after he announced the removal of controversial petrol subsidies, a move that tripled petrol prices overnight but was projected to save the government billions of dollars annually.
