Koko Maxwella 
ABUJA, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) files a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over alleged unaccounted oil revenues totalling ₦22.3 billion, alongside millions in foreign currencies.
The suit, filed at the Federal High Court in Abuja, is based on findings from the 2022 audited report by the Auditor-General of the Federation, released in September 2025.
According to SERAP, the allegedly missing funds include $49.7 million, £14.3 million and €5.2 million, raising concerns over transparency and financial accountability within Nigeria’s oil sector.
In a statement on Sunday, SERAP Deputy Director Kolawole Oluwadare says the organisation is asking the court to compel NNPCL to explain the whereabouts of the funds and disclose full details of related financial transactions.
“The public has a right to know how oil revenues are managed,” Oluwadare says. “Opacity in the sector fuels corruption and undermines trust.”
SERAP is also seeking an order directing NNPCL to publish records of contractors, beneficiaries and disbursement processes linked to the disputed funds.
The group argues that recurring allegations of missing oil revenues reflect systemic governance failures and have severe consequences for national development.
“Recovering these funds would help strengthen accountability and redirect resources to essential public services,” the statement adds.
SERAP warns that continued lack of transparency in the oil sector worsens poverty, weakens institutions and denies Nigerians access to basic social services.
The organisation urges stronger oversight and enforcement mechanisms to curb impunity and restore confidence in Nigeria’s most critical revenue-generating sector.
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Mirian Gom 
Korede Abdullah 
Oluwafunbi Bello