The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over an alleged missing N500bn.

The rights group said the NNPCL was unable to account for and explain the whereabouts of the money which it failed to remit to the Federation Account between October 2024 and December 2024.

The suit followed the recent allegations by the World Bank that 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 response to SERAP’s Freedom of Information request, the NNPCL had claimed through its lawyers, Afe Babalola and Co, that the FoI Act did not apply to it.

But 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 anti-corruption agencies to investigate the spending and whereabouts of the said N500bn 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 anti-corruption agencies for investigation and prosecution.”

The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke.
No date has been fixed for the hearing of the suit.