The Socio-Economic Rights and Accountability Project has initiated legal proceedings against the Nigerian National Petroleum Company Limited over the alleged failure to remit approximately $2.04 billion and ₦164 billion in oil revenues to the Federation Account.

SERAP made this disclosure 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 also asked 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.”

Furthermore, it 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.”

SERAP contends that NNPCL is legally obligated to operate transparently and accountably under the 1999 Constitution (as amended), the Freedom of Information Act, and Nigeria’s international commitments on anti-corruption and human rights.

The organization argues that NNPCL’s failure to remit public funds violates these obligations.

SERAP maintains that the unremitted oil revenues have worsened Nigeria’s economic crisis. The missing funds have deepened deficit spending, exacerbated public debt, and undermined the government’s ability to provide essential services to citizens.

According to SERAP, the missing oil revenue is symptomatic of a broader failure of governance within NNPCL. The organization argues that this case highlights NNPCL’s ongoing lack of transparency and accountability in managing national resources.

In May 2025, the Socio-Economic Rights and Accountability Project called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Bayo Bashir Ojulari, to account for an alleged missing N500 billion.

SERAP urged Mr. Ojulari to disclose the whereabouts of the funds, identify those responsible, ensure recovery, and refer the case to the ICPC and EFCC for investigation and prosecution.

Citing a recent Supreme Court ruling, SERAP emphasized that the Freedom of Information Act applies to all public records across the Federation—including those held by NNPCL—thus reinforcing the legal obligation of transparency and accountability.