SERAP Sues NNPCL Over Failure to Account for N500bn

Socio-Financial Rights and Accountability Undertaking (SERAP) has filed a lawsuit in opposition to the Nigerian Nationwide Petroleum Firm (NNPC) Restricted over the “failure to account for and clarify the whereabouts of the alleged lacking N500 billion, which the NNPCL did not remit to the Federation Account between October 2024 and December 2024.”

The swimsuit adopted the latest allegations by the World Financial institution that out of the N1.1trn income from crude gross sales and different revenue in 2024, the NNPCL solely remitted N600bn, leaving a deficit of N500bn unaccounted for.

In response to SERAP’s Freedom of Data (FoI) request, the NNPCL had claimed by means of its attorneys Afe Babalola and Co that the FoI Act doesn’t apply to it.

However within the swimsuit quantity FHC/L/MSC/553/2025 filed final Friday on the Federal Excessive Courtroom in Lagos, SERAP is in search of: “an order of mandamus to direct and compel the NNPCL to account for the alleged lacking N500 billion, which it allegedly did not remit to the Federation Account between October 2024 and December 2024.”

SERAP can also be asking the court docket to “direct and compel the NNPCL to ask acceptable anti-corruption companies to research the spending and whereabouts of the mentioned N500 billion and to make sure the immediate restoration and remittance of the cash to the Federation Account.”

SERAP can also be asking the court docket to “direct and compel the NNPCL to determine these suspected to be accountable for the alleged lacking oil funds, surcharge them for the complete quantity concerned, and hand them over to acceptable anticorruption companies for investigation and prosecution.”

Within the swimsuit, SERAP is arguing that: “The NNPCL has a duty to adjust to the Nigerian Structure 1999 [as amended], the Freedom of Data Act, and the nation’s worldwide human rights and anti-corruption obligations within the train of its statutory features.”

SERAP can also be arguing that, “The lacking oil revenues have additional broken the already precarious economic system within the nation and contributed to excessive ranges of deficit spending by the federal government and the nation’s crippling debt disaster.”

SERAP is arguing that, “The lacking oil income displays a failure of NNPCL accountability extra typically and is straight linked to the establishment’s persevering with failure to uphold the ideas of transparency and accountability.”

SERAP can also be arguing that, “The Supreme Courtroom in a groundbreaking judgment just lately declared that the Freedom of Data Act ‘is relevant and applies to the general public information within the Federation’, together with these stored by the NNPCL.”

The swimsuit filed on behalf of SERAP by its attorneys, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke, learn partly: “Nigerians proceed to bear the brunt of those lacking public funds from the NNPCL meant for the financial improvement of the nation.

“There’s a professional public curiosity in offering the small print sought. The NNPC has a obligation to account for and clarify the whereabouts of the lacking oil cash.”

“The nation’s oil wealth ought for use solely for the good thing about the Nigerian folks, and for the sake of the current and future generations.”

“With out the complete restoration and remittance of the lacking N500 billion oil revenues, the dire financial state of affairs could worsen and Nigerians will proceed to be denied entry to fundamental public items and companies.”

“Nigerians have the proper to know why the NNPCL did not remit the subsidy elimination financial savings to the Federation Account, and why the NNPCL is intentionally denying states and native governments their allocations from the Account, opposite to the provisions of the Nigerian Structure.”

“The failure by the NNPCL to remit the cash to the Federation Account is a grave violation of the general public belief and the provisions of the Nigerian Structure, nationwide anticorruption legal guidelines, and the nation’s anticorruption obligations.”

“Regardless of the nation’s monumental oil wealth, strange Nigerians have derived little or no profit from oil cash primarily due to widespread grand corruption, and the entrenched tradition of impunity of perpetrators.”

“Combating the corruption epidemic within the oil sector would alleviate poverty, enhance entry of Nigerians to fundamental public items and companies, and improve the power of the federal government to fulfill its human rights and anti-corruption obligations.”

“The Nigerian Structure, Freedom of Data Act, and the nation’s anti-corruption and human rights obligations relaxation on the precept that residents ought to have entry to info relating to the spending of their commonwealth.”

“The Auditor-Common of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for a few years documented experiences of disappearance of oil cash from the NNPCL.”

“The World Financial institution just lately disclosed that out of the N1.1tn income from crude gross sales and different revenue in 2024, the NNPCL solely remitted N600bn, leaving a deficit of N500bn unaccounted for.”’
“The income and different revenue had been anticipated to be paid into the Federation Account and shared by all ranges of presidency however the NNPCL reportedly failed to take action.”

“SERAP notes that Part 15(5) of the Nigerian Structure requires public establishments to abolish all corrupt practices and abuse of energy.”

“Part 13 of the Nigerian Structure imposes clear duty on the NNPCL to evolve to, observe and apply the provisions of Chapter 2 of the structure.”

“Nigeria has made legally binding commitments beneath the UN Conference in opposition to Corruption to make sure accountability within the administration of public assets. Articles 5 and 9 of the UN Conference in opposition to Corruption additionally impose authorized obligations on the NNPCL to make sure correct administration of public affairs and public funds.”

“These commitments must be absolutely upheld and revered.”

“The lacking oil income has additionally impeded Nigerians’ capacity to take pleasure in their financial and social rights, and denied them entry to important public items and companies, particularly on the time of value of dwelling disaster within the nation.”

“Had the NNPCL accounted for and remitted the alleged lacking N500 billion to the Federation Account, it’s probably that extra funds would have been allotted to the success of financial and social rights, corresponding to elevated spending on public items and companies.

“The Freedom of Data Act, Part 39 of the Nigerian Structure, article 9 of the African Constitution on Human and Peoples’ Rights and article 19 of the Worldwide Covenant on Civil and Political Rights assure to everybody the proper to info on the whereabouts of the lacking N500 billion of oil income.”

No date has been mounted for the listening to of the swimsuit.