The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over its alleged failure to remit N500 billion in oil revenue to the Federation Account.
The legal action, filed at the Federal High Court in Lagos, follows a World Bank report revealing that NNPCL only remitted N600 billion out of N1.1 trillion generated from crude oil sales and related earnings between October and December 2024.
In its suit, SERAP is seeking a court order to compel NNPCL to fully account for the shortfall, initiate investigations through anti-corruption agencies, and recover any missing funds.
NNPCL, in response to a Freedom of Information request, had argued through its legal representatives, Afe Babalola & Co., that the FoI Act does not apply to its operations, a position SERAP is now challenging in court.
The rights group is also asking the court to mandate the identification and prosecution of individuals responsible for the alleged financial discrepancies.
Filed by SERAP’s legal team, Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke, the case is yet to be assigned a hearing date.