The Nigerian National Petroleum Company Limited has been sued by the Socio-Economic Rights and Accountability Project for allegedly failing to account for ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million in lost or diverted oil funds.

The lawsuit is in response to claims made in the Auditor-General of the Federation's 2022 audited report, which was released on September 9, 2025.

Oluwakemi Agunbiade and Valentina Adegoke, the attorneys for SERAP, filed the action last Friday at the Federal High Court in Abuja under the case number FHC/ABJ/CS/195/2026.

"An order of mandamus to direct and compel NNPCL to account for the alleged missing or diverted ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million oil money" is what SERAP is requesting in the lawsuit.

Additionally, SERAP requests that the court "direct and compel NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted funds, including details of disbursement, contractors and other individuals who collected the money."

"The diverted or misappropriated oil revenues reflect a broader failure of accountability at NNPCL and are directly linked to the institution's continuing failure to uphold the principles of transparency and accountability," SERAP contended in the lawsuit.

The organization claims that providing the requested assistance would "strike a blow against the impunity of those responsible for the missing or diverted oil money and ensure that the funds are returned for the sake of NNPCL's victims — Nigerians."

“The allegations have undermined the country’s economic development, trapped many Nigerians in poverty and deprived them of opportunities,” SERAP added.

The group further stated that the Auditor-General has, over the years, documented cases of disappearing oil revenues from NNPCL, with Nigerians bearing the burden of funds meant for essential public services.

“Combating corruption in the oil sector would alleviate poverty, improve Nigerians’ access to basic public goods and services, and enhance the government’s ability to meet its human rights and anti-corruption obligations,” SERAP said.

"The diverted or misappropriated oil revenues have further damaged the already fragile economy and contributed to high levels of deficit spending and government borrowing," according to portions of the lawsuit.

"Because of widespread corruption within NNPCL and an ingrained culture of impunity, ordinary Nigerians have not benefited much from oil money despite Nigeria's enormous oil wealth."

The lawsuit further stated that the Auditor-General's accusations point to serious breaches of Nigeria's international commitments, national anti-corruption laws, the Nigerian Constitution, and public trust.

NNPCL failed to account for more than ₦22.3 billion, $49.7 million, £14.3 million, and €5.2 million, according to the 2022 audited report.

It stated that NNPCL allegedly paid more than ₦292 million in 2020 for a contract to build an Accident and Emergency Facility along Airport Road in Abuja, but the contractor allegedly gave up on the project after receiving the money.

Concerned that the funds might have been misappropriated, the Auditor-General suggested that they be retrieved and sent back to the Treasury.

Additionally, the investigation claimed that NNPCL paid more than £14 million to fix its London office in 2021 without providing proof of the expenditure.

Furthermore, it was alleged that NNPCL "irregularly paid" a contractor more than $22 million for the lifting of nine cargoes of crude oil while neglecting to provide an explanation for differences in revenue remittances for the same time period.

In the meanwhile, the suit's hearing date has not been set.