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Explosive Suit: SERAP Moves to Uncover NNPC’s Alleged ₦500 Billion Cover-Up!
The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company (NNPC) Limited over its alleged failure to account for ₦500 billion, which was reportedly not remitted to the Federation Account between October and December 2024.....KINDLY READ THE FULL STORY HERE▶
This lawsuit follows revelations by the World Bank, which stated that NNPC only remitted ₦600 billion from a total of ₦1.1 trillion generated through crude oil sales and other income sources in 2024—leaving a shortfall of ₦500 billion unaccounted for.
Filed at the Federal High Court in Lagos last Friday, the suit (number FHC/L/MSC/553/2025) seeks a mandamus order compelling NNPC to fully disclose the whereabouts of the missing funds.
SERAP is also urging the court to mandate NNPC to invite appropriate anti-corruption agencies to investigate the missing money, recover it, and identify those responsible. The organisation wants those implicated to be handed over to law enforcement for prosecution.
The legal action was prompted by NNPC’s response to a Freedom of Information (FoI) request submitted by SERAP. Through its legal counsel, Afe Babalola and Co, NNPC argued that the FoI Act does not apply to it—an assertion SERAP strongly contests.
In the suit, SERAP contends that NNPC is constitutionally bound to uphold transparency and accountability as stipulated by the 1999 Constitution, the FoI Act, and international anti-corruption and human rights obligations.
SERAP further argues that the unremitted ₦500 billion has worsened Nigeria’s economic woes, fuelling high deficit spending and contributing to the country’s growing debt crisis. The organisation claims this financial opacity is emblematic of a deeper systemic failure within NNPC’s operations.
The group also cited a recent Supreme Court judgment, which affirmed that the FoI Act applies to all public records in the Federation, including those held by NNPC. SERAP is asking the court to ensure that this precedent is upheld in the current case.
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